Douglas County School District

Annual Comprehensive

Financial Report

For Year Ended June 30, 2022

Douglas County

School District Re 1

620 Wilcox Street

Castle Rock, CO 80104

www.dcsdk12.org

Erin Kane

Superintendent

Prepared by:

Office of Business Services

Jana L. Schleusner

Interim Chief Financial Officer

Director of Finance

DOUGLAS COUNTY SCHOOL DISTRICT RE.1

620 Wilcox Street

Castle Rock, Colorado 80104

ANNUAL COMPREHENSIVE

FINANCIAL REPORT

For the Year Ended June 30, 2022

THIS PAGE INTENTIONALLY LEFT BLANK

DOUGLAS COUNTY SCHOOL DISTRICT RE.1

Annual Comprehensive Financial Report

June 30, 2022

Table of Contents

INTRODUCTORY SECTION

Board of Education

.............................................................................................................................

Leadership Team

................................................................................................................................

Organization Chart

..............................................................................................................................

Mission and Vision

.............................................................................................................................

Letter of Transmittal

...........................................................................................................................

GFOA Certificate of Achievement

.....................................................................................................

FINANCIAL SECTION

Independent Auditors’ Report

............................................................................................................

Management’s Discussion and Analysis

............................................................................................

Basic Financial Statements

Statement of Net Position

...................................................................................................................

Statement of Activities

.......................................................................................................................

Governmental Funds - Balance Sheet

.................................................................................................

Reconciliation of the Governmental Funds Balance Sheet to the

Government-wide Statement of Net Position

................................................................................

Governmental Funds - Statement of Revenues, Expenditures and Changes in Fund Balances

..........

Reconciliation of the Statement of Revenues, Expenditures and Changes in

Fund Balances of Governmental Funds to the Statement of Activities

.........................................

Proprietary Funds

Statement of Net Position

.........................................................................................................

Statement of Revenues, Expenses and Changes in Fund Net Position

.....................................

Statement of Cash Flows

..........................................................................................................

Fiduciary Funds

Statement of Fiduciary Net Position

.........................................................................................

Statement of Changes in Fiduciary Net Position

......................................................................

Notes to the Financial Statements

.......................................................................................................

Required Supplementary Information

Budgetary Comparison Schedules

Combined General Fund - Budgetary Comparison Schedule

...................................................

Governmental Designated Purpose Grants Fund 22 - Budgetary Comparison Schedule

.........

Defined Benefit Pension Plan Schedules

Schedule of the District’s Contributions - PERA

.....................................................................

Schedule of the District’s Proportionate - Share of the Net Pension Liability

..........................

Schedule of the District’s Contributions - OPEB

.....................................................................

Schedule of the District’s Proportionate - Share of OPEB Liability

.........................................

Supplementary Information

Combined General Fund

Comparative Balance Sheet

................................................................................................................

100

Combining Balance Sheet

...................................................................................................................

101

Combining Schedule of Revenues, Expenditures and Changes in Fund Balances

.............................

102

DOUGLAS COUNTY SCHOOL DISTRICT RE.1

Annual Comprehensive Financial Report

June 30, 2022

Table of Contents

FINANCIAL SECTION (continued)

Supplementary Information

(continued)

Combined General Funds (continued)

Schedule of Expenditures by Object - Budget to Actual

....................................................................

103

Schedule of Expenditures by Program - Budget to Actual

.................................................................

104

Comparative Schedule of Revenues, Expenditures and Changes in Fund Balance

............................

105

Non-Major Governmental Funds

Combining Balance Sheet

..................................................................................................................

108

Combining Schedule of Revenues, Expenditures and Changes in Fund Balances

.............................

109

Fund 21 - Nutrition Services National School Lunch Program (NSLP) Fund - Schedule of

Revenues, Expenditures and Changes in Fund Balance

..........................................................

110

Fund 23 - Pupil Activity Fund - Schedule of Revenues, Expenditures and Changes in Fund Balance

111

Fund 26 - Athletics and Activities Fund - Schedule of Revenues, Expenditures and

Changes in Fund Balance

........................................................................................................

112

Fund 28 - Nutrition Services Non-National School Lunch Program (NSLP) Fund -

Schedule of Revenues, Expenditures and Changes in Fund Balance

......................................

113

Fund 29 - Child Care Fund - Schedule of Revenues, Expenditures and Changes

in Fund Balance

.......................................................................................................................

114

Fund 39 - Certificates of Participation Lease Payment Fund - Schedule of Revenues,

Expenditures and Changes in Fund Balance

............................................................................

115

Governmental Designated Purpose Grants Fund

Fund 22 - Comparative Balance Sheets

..............................................................................................

118

Fund 22 - Schedule of Revenues, Expenditures and Changes in Fund Balance

.................................

119

Bond Redemption Fund

Fund 31 - Comparative Balance Sheets

..............................................................................................

122

Fund 31 - Schedule of Revenues, Expenditures and Changes in Fund Balance

.................................

123

Building Fund

Fund 41 - Comparative Balance Sheets

..............................................................................................

126

Fund 41 - Schedule of Revenues, Expenditures and Changes in Fund Balance

.................................

127

Internal Service Funds

Combining Balance Sheet

..................................................................................................................

130

Combining Schedule of Revenues, Expenses and Changes in Fund Net Position

.............................

131

Combining Statement of Cash Flows

.................................................................................................

132

Fund 65 - Medical Fund - Schedule of Revenues, Expenses and

Changes in Fund Net Position

..................................................................................................

133

Fund 66 - Short Term Disability Fund - Schedule of Revenues, Expenses and Changes

in Fund Net Position

................................................................................................................

134

DOUGLAS COUNTY SCHOOL DISTRICT RE.1

Annual Comprehensive Financial Report

June 30, 2022

Table of Contents

FINANCIAL SECTION (continued)

Supplementary Information

(continued)

Fiduciary Fund

Fund 75 - Private Purpose Trust Scholarship Fund - Schedule of Changes in

Fiduciary Net Position - Budget to Actual

...............................................................................

136

Component Units (Charter Schools - Discretely Presented)

Combining Statement of Net Position

................................................................................................

138

Combining Statement of Activities

.....................................................................................................

142

STATISTICAL SECTION

Listing of Statistical Information

........................................................................................................

149

Net Position by Component

................................................................................................................

150

Change in Net Position

.......................................................................................................................

152

Fund Balances, Governmental Funds

.................................................................................................

154

Change in Fund Balances, Governmental Funds

................................................................................

156

Assessed Value and Estimated Actual Value of Taxable Property

.....................................................

158

Direct and Overlapping Property Tax Rates

.......................................................................................

160

Principal Property Tax Payers

............................................................................................................

161

Property Tax Levies and Collections

..................................................................................................

163

Ratios of Outstanding Debt by Type

..................................................................................................

164

Ratios of Net General Bonded Debt Outstanding

...............................................................................

166

Estimated Overlapping General Obligation Debt

...............................................................................

167

Legal Debt Margin

..............................................................................................................................

172

Demographic and Economic Statistics

...............................................................................................

174

Principal Employers

............................................................................................................................

175

Full-time Equivalent (FTE) District Employees by Function/Program

..............................................

176

Operating Indicators

...........................................................................................................................

178

Capital Asset Statistics by Type

.........................................................................................................

180

COMPLIANCE SECTION

Electronic Financial Data Integrity Check Figures

.............................................................................

183

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INTRODUCTORY

SECTION

DOUGLAS COUNTY SCHOOL DISTRICT RE.1

Annual Comprehensive Financial Report

June 30, 2022

Board of Education

From left to right: Mike Peterson, Kaylee Winegar, Christy Williams, Becky Myers,

David Ray, Susan Meek, and Elizabeth Hanson.

Name

Position/District

Term Expires

Mike Peterson

President – District B

2025

Christy Williams

Vice President – District E

2025

Susan Meek

Director - District A

2023

Elizabeth Hanson

Director – District C

2023

Becky Myers

Secretary – District D

2025

David Ray

Director – District F

2023

Kaylee Winegar

Treasurer – District G

2025

Mission Statement

The Douglas County School District Board of Education serves as the link between the

school system and the community, setting the policies that allow students to acquire the

knowledge, skills, and dispositions to be responsible citizens who contribute to our society.

DOUGLAS COUNTY SCHOOL DISTRICT RE.1

Annual Comprehensive Financial Report

June 30, 2022

Leadership Team

Erin Kane

Superintendent

Cabinet

Danelle Hiatt

Deputy Superintendent

Danny Winsor

Assistant Superintendent

Mary Kay Klimesh

General Counsel

Mark Blair

Chief Technology Officer

Richard Cosgrove

Chief Operations Officer

Jana Schleusner

Interim Chief Financial Officer

Stacy Rader

Communications Officer

Matt Reynolds

Learning Services Officer

Amanda Thompson

Chief Human Resources Officer

MISSION

The mission of the Douglas County School District (DCSD) is to provide an educational foundation that allows each student to

reach his or her individual potential.

VISION

The Douglas County School District strives to maximize the potential of every student to pursue his or her chosen endeavor in

society including, but not limited to, postsecondary education, career, or military service.

Board of Education End Statements

Academic Excellence

All students have equitable access to a Douglas County public school that promotes growth in their cognitive,

physical, social and emotional needs and builds on their strengths.

Academic expectations are clearly articulated and supported with an appropriate curriculum that includes

content, scope and sequence.

Every student has equitable opportunity to acquire the knowledge and skills that will ensure performance at his/

her highest individual potential.

A diverse set of educational options are provided, which enables students to pursue different post-secondary

options (e.g. college, career and technology education, independent living, military or direct entrance into the

workforce).

Students graduate with acquired content and cultural knowledge, workforce readiness, interpersonal skills, civic

responsibility, global awareness, independent living and an understanding of the essentials for health and

wellness.

(Approved at the March 20, 2018 Board of Education Meeting)

II.

Outstanding Educators and Staff

Quality educators and staff have been recruited, developed, supported, retained and celebrated.

A positive, growth-oriented performance assessment system has been identified, adopted, and implemented.

Research-based professional development opportunities are consistently provided, reflect best practices, allow

for innovation, and promote lifelong learning.

Communication between and among students, parents, community, educators and staff is frequent, collaborative,

and helpful.

Educators and staff are valued and given multiple opportunities for their voices to be heard.

(Approved at the May 8, 2018 Board of Education Meeting)

III. Safe, Positive Culture and Climate

A purposeful focus on creating a caring, safe, fun, supportive, and positive learning and working environment for

all students, district employees, parents, and community is manifest throughout the district.

There is clear evidence and a common understanding of the shared belief that all students can succeed when

given a safe and caring learning environment. To that end:

District employees, parents, and community work collaboratively, proactively and responsibly to ensure

the psychological wellbeing of all students.

A focused level of teamwork and professional development is on-going among district employees,

community, and law enforcement agencies to ensure the physical safety of students, district employees

and visitors.

Behavior Expectations are clearly articulated, supported, and taught.

Multiple communication systems are available and used by students, district employees, parents, and community

to ensure all voices are heard.

(Approved at the August 7, 2018 Board of Education Meeting)

DOUGLAS COUNTY SCHOOL DISTRICT RE.1

Annual Comprehensive Financial Report

June 30, 2022

Mission and Vision

Board of Education End Statements (Continued)

IV. Collaborative Parent, Family, and Community Relations

Parents, guardians, families, and community members partner with each other and the District to empower

students to maximize their individual educational experience.

Collaboration with community, business, government, educational, and organizational leaders is sought to

provide opportunities for students to create positive change and provide service in our community.

Schools are the center of community learning, entertainment and gathering.

Multiple effective pathways for communication are available to all parents, guardians, families,

community members, and district employees and are conducted with respect and kindness.

(Approved at the September 18, 2018 Board of Education Meeting)

V. Financial Well-Being

The Board of Education and all district employees are good stewards of the financial resources belonging

to the district on behalf of students and taxpayers.

All district funds and expenditures are handled equitably, efficiently, transparently, responsibly, and

purposefully to maximize the benefit for all students.

All district fiscal transactions are legal, ethical, and appropriate in keeping with district regulations and

goals.

Long-term financial stability and accountability has been established, maintained, and actively monitored

in order to accomplish Board of Education End Goals.

(Approved at the October 2, 2018 Board of Education Meeting

DOUGLAS COUNTY SCHOOL DISTRICT RE.1

Annual Comprehensive Financial Report

June 30, 2022

Mission and Vision

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Mrs. Erin Kane

Superintendent

December 7, 2022

District Citizens and Members of the Board of Education

Douglas County School District (DCSD) RE.1

Castle Rock, Colorado

80104

It is our pleasure to submit to you the Douglas County School District RE. 1 (the District or DCSD) Annual

Comprehensive Financial Report for the fiscal year ended June 30, 2022. State law requires that all local governments publish

within six months of the close of each fiscal year a complete set of financial statements presented in conformity with generally

accepted accounting principles in the United States of America (U.S. GAAP) and audited in accordance with generally accepted

auditing standards by a firm of licensed certified public accountants.

This report consists of DCSD management's representations concerning the finances of the District. Consequently, management

assumes full responsibility for the completeness and reliability of all of the information presented in this report. To provide a

reasonable basis for making these representations, management of the District has established a comprehensive internal control

framework that is designed both to protect District assets from loss, theft, or misuse and to compile sufficient reliable

information for the preparation of the District's financial statements in conformity with U.S. GAAP. Because the cost of

internal

controls should not outweigh their benefits, the District comprehensive framework of internal controls has been

designed to provide reasonable rather than absolute assurance that the financial statements will be free from material

misstatement. As management, we assert that, to the best of our knowledge and belief, this financial report is complete and

reliable in all material respects.

Under provisions of Article 29-1-603, Colorado Revised Statutes, 1973, an independent public accounting firm must perform an

annual audit of the District’s accounts. CliftonLarsonAllen LLP Certified Public Accountants have issued an unmodified (clean)

opinion on the District’s financial statements for the year ended June 30, 2022. The independent auditors’ report is located

immediately following this letter of transmittal. The independent audit of the District’s financial statements also includes the

federally mandated “Single Audit” designed to meet the special needs of federal grantor agencies. The standards governing

Single Audit engagements require the independent auditor to report not only on the fair presentation of the financial statements,

but also on the audited government’s internal controls and compliance with legal requirements, with special emphasis involving

the administration of federal awards. The results of the District’s single audit for the period ending June 30, 2022, are reported

in a separately issued report.

U.S. GAAP requires management to provide a narrative introduction, overview, and analysis to accompany the basic financial

statements in the form of Management's Discussion and Analysis (MD&A). This letter of transmittal is designed to complement

the MD&A and should be read in conjunction with it. The MD&A of the Douglas County School District can be found

immediately following the report of the independent auditor.

Profile of the District

The District's boundaries are largely coterminous with those of Douglas County with just a small portion of the District located

in Elbert County. The District is located immediately south of the Denver metropolitan area along the eastern slope of the Rocky

Mountains, and includes the towns of Castle Rock, Parker and Larkspur; the cities of Lone Tree and Castle Pines, and the

unincorporated area of Highlands Ranch. The District encompasses approximately 867 square miles and has a population of

about 373,275 in Douglas County in addition to a small population in Elbert County. The District receives funding from local,

state and federal government sources and must comply with the requirements of each of these funding sources.

The District provides a full range of PreKindergarten-12 (PreK-12) educational school programs and services for 63,876 students

including basic education in elementary, middle and senior high schools, online educational options, vocational education, home-

schooled student support, and other opportunities for personalized learning designed to meet the unique needs of each individual

student. About 2,048 of these students are enrolled in one of DCSD’s online learning schools, eDCSD or HOPE Online. While

eDCSD online school enrolls students from kindergarten through twelfth grade, HOPE online only offers services to middle and

high school students. Both online schools offer a valuable alternative to the traditional education environment.

The District is governed by a seven-member Board of Education (the Board or BOE), whose members are elected by the

qualified electors within the District's boundaries. General duties which the Board is empowered to perform include employing

and compensating all personnel necessary to maintain operations and carry out the educational programs of the District; fixing

attendance boundaries; establishing annual budgets; determining the educational programs carried on in the schools of the

District; and prescribing the textbooks of any course of instruction or study in such educational programs.

The District includes as discretely presented component units seventeen (17) charter schools; Academy Charter School,

American Academy with three sites - one in Castle Pines and two located in the Town of Parker, Aspen View Academy, Ben

Franklin Academy, Challenge to Excellence Charter School, DCS Montessori Charter School, Global Village Academy-Douglas

County, HOPE Online Learning Academy Co-Op, Leman Classical Academy, North Star Academy, Parker Core Knowledge,

Parker Performing Arts School, Platte River Academy, Renaissance Secondary School, SkyView Academy, STEM School and

Academy, and World Compass Academy.

Charter schools are public schools approved by the DCSD Board of Education and authorized by the State of Colorado

to provide alternatives for parents, pupils, and teachers. These schools have separate governing boards and are funded by the

School Finance Act of the State of Colorado and Douglas County School District Mill Levy Override funds with revenues

passing through the District. Though fiscally and programmatically independent, the District provides many supports and

services for these charter schools.

Budget Process and Budgetary Controls

The annual budget serves as the foundation for the District’s financial planning and control. A proposed budget is developed

based on budget requests of the individual departments and schools of the District. The administration presents the proposed

budget to the Board of Education for review. A public hearing is held on the proposed budget, and a final budget is adopted no

later than June 30 prior to the new fiscal year that begins July 1. The Board of Education may revise the budget due to

unforeseen circumstances that did not exist at the time of the original budget adoption such as emergencies or unanticipated

revenues. The Board of Education may also revise the budget due to enrollment changes at October Count and/or the Mill Levy

tax rate setting in December.

The District maintains numerous budgetary controls. The objective of these controls is to ensure compliance with legal provisions

embodied in the annual appropriated budget adopted by the Board of Education while simultaneously providing autonomy and site

level control to individual budget owners. The level of budgetary control (that is, the level at which expenditures cannot legally

exceed the appropriated amount) is established at the individual fund level. The District also maintains an encumbrance accounting

system. Encumbered amounts that lapse at year-end are generally re-established in the following year as an obligation against the

appropriated budget of the next year.

Local Factors Affecting Financial Condition

District Leadership:

As of March 31, 2022, Mrs. Erin Kane was named Superintendent.

Mrs. Kane served as the Executive

Director of American Academy, a District charter school, for many years, and served as the

District’s Interim Superintendent

from 2016-2018.

The Superintendent’s priorities include bridging the divide in our community, fostering a positive culture and

stability for students, staff, families, and community, providing competitive pay for all staff, creating the best academic futures for

our

students which includes social emotional wellbeing, and ensuring every one of our students graduates high school with a

pathway to success.

Throughout fiscal year 2021-2022 the District focused on rebounding from learning challenges caused by the novel coronavirus

(COVID-19) pandemic which resulted in declining enrollment and reduced funding through the State School Finance Act for

Districts throughout the State.

The District was fortunate to be a recipient of federal stimulus dollars from the Elementary and

Secondary School Emergency Relief (ESSER) Fund for COVID-19 relief.

These funds were primarily spent in the 2021-2022

school year and were used for eLearning, summer learning, unfinished learning (tutoring, truancy, and family liaisons), and non-

instructional support (professional growth, health wellness and prevention, information technology and operations and

maintenance).

Additionally, the National School Lunch Program continued to allow the District to provide free lunches to all

students during the school year.

The District remains dedicated to creating a more competitive system of compensation as evidenced by final implementation of a

new pay structure which includes a step and lane system for certified employees as well as a full review and market analysis of all

non-certified positions within the District.

All of the compensation work begins to move the District towards more competitive

pay for all employees in accordance with the Superintendent's goals. These new pay structures will fully take effect in the 2022-

2023 school year.

Demographic Trends:

The population in Douglas County decreased by 1.5 percent from the prior calendar year or 5,725 fewer

residents. While residential building in the County continues to grow, many planned developments were slowed during the

pandemic and substantial growth is still expected over the next 20 years.

Two cities in Douglas County were ranked among the

best small cities in the U.S. to start a business, according to a 2022 WalletHub analysis comparing 1,334 small cities.

As several

large businesses are scheduled to expand or open in the County, the employment activity continues to have a positive

outlook.

Employment in Douglas County increased 5.9 percent between the fourth quarters of 2020 and 2021, rising by 7,646

jobs over the year.

The Douglas County unemployment rate fell 2 percentage points between the first quarters of 2021 and 2022,

decreasing to 2.9 percent and the County’s labor force rose 3.9 percent over the year..

Colorado’s unemployment rate fell 2.6

percentage points to 3.8 percent between the first quarters of 2021 and 2022 and the state’s labor force increased 3.3 percent.

Nationally, in the same first quarter report, the U.S. unemployment rate was 4.1 percent and the labor force rose 2.3 percent during

the same period.

Douglas County School District enrollment is continuing to decline, yet still remains the third largest school district in the State of

Colorado. Student growth remains an important factor in 2022-2023 and for the District’s long-term future; however the impact

future growth of the County will have on enrollment is yet to be seen. The membership for 2022-2023 is estimated at 62,872

(charter schools are also included in pupil counts) students. The Funded Pupil Count (FPC) for 2022-2023 is projected at

63,156, of which 1,752 are online students.

Though the District is at a relatively low student growth point in its history, Douglas County School District is expected to grow

substantially over the next 20 years with residential and commercial growth. The new Sterling Ranch development which broke

ground in July of 2015, is zoned for 12,050 homes and is expected to generate approximately 2,500 elementary students, 750

middle school students and 1,500 high school students.

The Canyons Development recently under construction in the City of Castle Pines broke ground in 2018 and is anticipated to

have 5,000 residential units, which currently translates to an additional approximately 4,000 students at build-out. The Trails at

Crowfoot and Looking Glass subdivisions, (formerly the Hess Ranch development) in the Town of Parker anticipates 3,379 new

dwelling units and is expected to generate approximately 2,300 students at build-out. The adjacent Anthology North

Development located north of Stroh Road, has yet to break ground but is entitled for 3,305 residential units and is expected to

generate approximately 1,300 students.

Other notable developments within the District are Ridgegate East in Lone Tree with an estimated 8,000 residential units to be

built on the East side of I-25. The Town of Castle Rock has two major developments that are expected to have a significant

number of students. The first is The Canyons South with 968 dwelling units and an expected approximately 900 students. The

second is Crystal Valley Ranch which has 2,330 of the allowed 3,423 residences completed and is anticipated to generate

approximately 3,000 students at full build out.

State Education Fund Revenue Forecast:

The September 2022 Office of State Planning and Budgeting (OSPB)

Revenue

Forecast reported the economic outlook in Colorado remains positive and continues to recover from the COVID-19

recession.

General Fund revenues for 2021-2022 grew by 23.7 percent from the 2020-2021 levels, increasing at a historic

rate.

The General Fund expectations for the 2022-2023 fiscal year are expected slightly surpass 2021-2022, but fail to keep pace

with inflation.

The aggressive monetary policy response to inflation and a faltering global economy pose significant risk to the

economic outlook, elevating the risk of recession.

Revenue to the State Education Fund for the 2023-2022 fiscal year is

expected to increase by $197 million, while the estimated funded pupils are expected to decrease by about 20,511 pupils

year-over-year, inflation expectations for 2022 have increased.

It is expected that

local share revenue will increase by up to

$317 million due to increased assessed values, while specific ownership taxes collections are expected to increase by 3

percent.

Currently, the budget stabilization factor is assumed to remain at its current level.

The Colorado Constitution requires that one-third of one percent of taxable income from Colorado taxpayers be credited to the

State Education Fund. In addition to this revenue, policies enacted over the past several years have transferred other General

Fund money to the State Education Fund.

Significant Financial Policy Changes

The District adopted the requirements of GASB Statement No. 87, Leases, effective July 1, 2021. This standard requires the

recognition of certain lease assets and liabilities for leases that previously were classified as operating leases and as inflows of

resources or outflows of resources recognized based on the payment provisions of the contract.

During the 2021-2022 school year, due to USDA waivers allowing students the opportunity to eat for free, all schools were

moved into the National School Lunch Program.

In November 2022 Colorado voters approved Proposition FF which will provide free lunch to all students beginning in

school year 2023-2024.

Awards and Acknowledgements

The Government Finance Officers Association of the United States and Canada (GFOA) awarded a Certificate of Achievement

for Excellence in Financial Reporting to Douglas County School District RE.1 for its annual comprehensive financial report for

the year ended June 30, 2021. This Certificate of Achievement is a prestigious national award recognizing conformance with the

highest standards for preparation of a state and local government financial report.

To be awarded a Certificate of Achievement, a government unit must publish an easily readable and efficiently organized annual

comprehensive financial report whose contents conform to program standards. Such a report must satisfy both generally

accepted accounting principles and applicable legal requirements.

A Certificate of Achievement is valid for a period of one year only. The District has received a GFOA Certificate of

Achievement for the last thirty-four consecutive years (fiscal years ended 1987-2021).

We believe our current report continues

to conform to Certificate of Achievement requirements, and we are submitting it to GFOA to determine its eligibility for

a certificate for the year ended June 30, 2022.

The preparation of this report would not have been possible without the efficient and dedicated service of the entire staff of the

Business Services Office. We would like to thank all those who played a part in the preparation of this report. Additionally, we

express our appreciation to the members of the Board of Education and the Fiscal Oversight audit subcommittee for their interest

and support in conducting the financial affairs of the District during the year.

Respectfully submitted,

____________________________

________________________

Erin Kane

Jana L. Schleusner

Superintendent of Schools

Interim Chief Financial Officer / Director of Finance

FINANCIAL

SECTION

Douglas County School District RE. 1

Management’s Discussion and Analysis

As of and for the fiscal year ended June 30, 2022

As management of Douglas County School District RE. 1 (“the District” or “DCSD”), we offer readers this Management’s

Discussion and Analysis (MD&A) as an overview of the financial activities of the District for the fiscal year ended June 30,

2022. We encourage readers to consider this narrative in conjunction with additional information furnished in the Letter of

Transmittal located on pages 13-17 and the balance of information within this Annual Comprehensive Financial Report (the

Report).

Financial Highlights



The District reports an increase in “Net Position” of $312,996,060 over fiscal year 2021 due mostly to the decrease in the

net pension liability (NPL) associated with Colorado PERA (Public Employees Retirement Association). The decrease in

NPL is due to strong returns realized by PERA on the global market as well as increased contribution rates for employees.

Additionally the nonemployer state contribution, defined in Senate Bill 18-200, which in addition to other changes, required

the state to directly fund PERA in the amount of $225 million annually, was reinstated after one year of suspension. With

the GASB Statement No. 68,

Accounting and Financial Reporting for Pensions,

requirement to post this liability to the

government-wide financial statements, the District reported an increase in Net Position of $313 million, since the liability

actually decreased in the current year. If not for this reporting, the District would instead have reported an increase in Net

Position of over $45.5 million.



Throughout the 2021-2022 school year, the District continued to recover from COVID-19 restrictions by returning to

almost full pre-pandemic programing levels and full in-person learning.

Those programs that were not able to return

fully to previous levels were mostly held back by staffing shortages. Nutrition Services remained for one final year in a

variation of the National School Lunch program in which all students were fed for free.

This program helped to feed

students throughout the year, including high schools that previously were not participating in the program.



In February 2019, the District sold the $250 million bond approved by the voters the previous November. The District

was able to utilize over $70 million during the fiscal year to continue improvements on its aging buildings, buy new

buses and refresh technology. The spend for this bond is beginning to wind down and all funds are expected to be spent

in full by the end of fiscal year 2023-2024.



The District continues to look for efficiencies in providing health-related benefits while still offering a valued benefit to

our employees. For the six years previous to 2020, the District was able to absorb all increases in projected costs for the

four medical plans offered to employees with a minimum of 0.5 Full Time Equivalent. However, due to budget cuts,

slight increases were passed to employees during the previous school year. Medical claims continued to outpace

revenues by $3.2 million. Overall, the medical fund net position was reduced to historically low of $704,109, leaving

reserves at the lower end of actuarial suggested reserves. The District continues to evaluate the appropriate net position

balance for both the Medical and Short-Term Disability Insurance plans to ensure the District can continue to cover all

claims while maintaining reasonable premium charges for both the District and its employees.



The Combined General Fund revenue increased by over $75.4 million, bringing revenues back to almost pre-pandemic

levels. Most of this increase, about $27 million, was due to an increase in per pupil revenue (PPR) of $816 per funded

pupil count (FPC) and a slight increase in funded pupil count, mostly attributed to charter schools. Additionally,

property taxes increased due to increasing assessed values which does not increase overall funding, just reduces the

amount of PPR funded by the state.

Charges for services increased by $8.7 million due to the return of in-person

learning and overall increased student activity resulting in higher tuition, fees and other school-based revenues.



While overall, total Combined General Fund expenses increased, they remained $82 million under budget of which over

$22 million were in the salary and benefits category.

As with many other industries across the nation, the District

continues to struggle with retention and hiring of staff.

Most of these retention issues are in the classified or hourly

positions such as bus drivers, custodians and educational assistants.

To combat some of the turnover, the District

offered almost $10 million District-wide toward retention bonuses paid in September 2022 to those employees on staff

as of June 30, 2022.



District policy of allowing schools to carryover discretionary budget dollars into the next fiscal year continues. Schools

have savings of over $20 million in the General Fund. This policy has empowered schools to scrutinize their

expenditures without fear of losing unspent dollars. This practice promotes good stewardship of taxpayer dollars.



The

government-wide governmental activities, liabilities, and deferred inflows of the District exceeded its assets and

deferred outflows at the close of fiscal year 2021 by $195,172,085 (net deficit) due to the posting of the “Net Pension

Liability” (NPL) of $636,750,686 required pursuant to GASB Statement No. 68. The District portion of the PERA NPL

decreased over fiscal year 2021 by $299,578,148. The significant decrease is due to the reinstatement of the nonemployer

contribution by the State required by SB 18-200 which decreased the District share of NPL by including the State in the

calculation.

DCSD’s portion of the NPL decreased by about 0.721 percent, from 6.193 percent to 5.472 percent.

Financial Highlights (Continued)



It is important to note that the District does not have a responsibility to pay the amount shown as the NPL. The direct

liability for DCSD is limited to the annually required contributions established by the Colorado State Legislature. In

addition, the District does not have any control over the investment policies associated with PERA investments. These

responsibilities lie solely with the PERA Board and the PERA administration. Decisions regarding the plan benefit

design and the funding policies lie solely with the Colorado State Legislature.



The

government-wide liabilities

exclusive

of the Net Pension Liability (NPL) and Other Post Employee Benefit (OPEB)

Liability total $512,416,970 for the period ended June 30, 2022, a decrease from the prior year of $64,852,526. This

decrease is due primarily to the scheduled payments on the General Obligation (G.O.) Bond as well as the amortization

of Bond Premium. Aspen View charter school who participated in the District’s 2012 Certificates of Participation

(COP), refunded their portion of this issuance, resulting in over $11 million reduction in the district’s debt.

The new

refunding debt shows only on the charter school’s report beginning in this fiscal year. COP lease payments are

accounted for in the COP Lease Payment Fund, but this fund is sourced from a General Fund transfer. Contrary to this

fact, G.O. bonded debt is serviced through revenues approved by the local taxpayers.



At the close of the fiscal year, the governmental funds of the District reported a combined ending fund balance of

$288,830,466. This ending fund balance represents an overall decrease of $67,321,983 from the prior year primarily due

to the scheduled spend of the 2018 bond proceeds in the Building Fund. The District continues to monitor the fund

balance in the Combined General Fund.

Overview of the Financial Statements

The basic financial statements of the District are comprised of three components: 1) government-wide financial statements,

2) fund financial statements inclusive of governmental, proprietary, and custodial funds, and 3) notes to the financial statements.

The Report also contains other supplementary information in addition to the basic financial statements.

Government-wide Financial Statements

The government-wide financial statements are designed to provide stakeholders (e.g. taxpayers, state and federal government

agencies, and the Board of Education) with a relevant and reliable overview of the District finances, to assist the reader in their

assessment of how District resources are acquired and used, to determine whether current resources were sufficient to meet

current costs, and to determine whether the ability to provide educational services improved or deteriorated from the previous

year. With the inclusion of the Net Pension Liability (NPL), stakeholders are provided additional information regarding the

unfunded liability status of Colorado PERA. Though this NPL is not the responsibility of the District, it does provide

information to the Colorado State Legislature and the governmental leadership of and around the District assisting them in

future decisions regarding the funding of the School Division Trust Fund associated with PERA.

The statement of net position presents information on all of the assets, liabilities, deferred inflows, and deferred outflows of

resources of the District. The difference between District assets and deferred outflows from District liabilities and deferred

inflows represents the net position of the District. Over time, assessing the trajectory and order of magnitude of increases or

decreases in net position may serve as a useful indicator of whether the financial position of the District is improving or

deteriorating. Though the net position of the District is negative, this occurrence is only due to the posting of the District

proportionate share of the PERA unfunded liability. Again, the District does not have any control over the funding level of the

PERA School Division Trust Fund (SCHDTF) nor any control over the investment policies and activities associated with this

Trust.

The statement of activities presents information showing how the District net position changed during the most recent fiscal

year. All changes in net position are reported as soon as the underlying event giving rise to the change occurs, regardless of the

timing of related cash flows. Thus, revenues and expenses are reported in this statement for some items that will only result in

cash flows in future fiscal periods (e.g., uncollected taxes and earned but unused vacation or sick leave). The governmental

financial statements distinguish functions of the District that are principally supported by taxes from other functions intended to

recover all or a significant portion of their costs through user fees and charges. The governmental activities of the District

include instruction and education support services of the District as well as payments to component units.

The government-wide financial statements are comprised of the activities of the District’s “neighborhood” schools (collectively

known herein as the primary government) and also seventeen (17) schools authorized under charter school contracts approved

by the Douglas County School District Board of Education. Financial information for the charter schools is detailed as

component units; accordingly, each is reported separately from the financial information of the primary government. Summaries

of these component unit financial statements are presented from pages 138-145. All charter school audits are performed

independent of each other and the District. There are two charter schools operating in Douglas County that do not have charter

contracts with Douglas County Board of Education. Instead, the charter schools, Colorado Early Colleges Parker and Ascent

Classical Academy, have charter contracts with the Colorado Charter School Institute. The financial audit information for these

charter schools is not included within the Douglas County District as their School Finance Act revenues are received directly

from the State of Colorado and not via a pass-through from DCSD.

Overview of the Financial Statements (Continued)

Government-wide Financial Statements (Continued)

The government-wide financial statements are located on pages 39-41 of this report.

Fund Financial Statements

A fund is a grouping of related accounts used to maintain control over resources segregated for specific activities or objectives.

The District, like other local governments, uses fund accounting to ensure and demonstrate compliance with finance-related

legal requirements. All of the funds of the District can be divided into three categories: governmental funds, proprietary funds,

and custodial funds.

Governmental Funds

Governmental fund financial statements are a subset of the government-wide financial statements. Unlike the government-wide

financial statements, governmental fund financial statements focus on near-term inflows and outflows of spendable resources as

well as on balances of spendable resources available at the end of the fiscal year. Such information may be useful in evaluating

the District’s near-term financing requirements.

Because the focus of governmental fund financial statements is narrower than that of the government-wide financial statements,

it is useful to compare the information presented for governmental funds with similar information presented for governmental

activities in the government-wide financial statements. By doing so, readers may better understand the long-term impact of the

District’s near-term financing decisions. Both the governmental fund balance sheet and the governmental fund statement of

revenues, expenditures, and changes in fund balances provide a reconciliation to facilitate this comparison between

governmental funds and governmental activities.

The District maintains ten individual governmental funds. Information is presented separately in the governmental fund balance

sheet and in the governmental fund statement of revenues, expenditures, and changes in fund balances for the Combined

General Fund, the Governmental Designated Purpose Grant Fund, the Bond Redemption Fund, and the Building Fund, as all are

considered major funds. Data from the other six governmental funds; the Nutrition Services National School Lunch Program

(NSLP) Fund, the Nutrition Services Non-NSLP Fund, the Athletics and Activities Fund, the Pupil Activity Fund, the Child

Care Fund and the COP Lease Payment Fund are combined into a single, aggregated presentation. Individual fund data for each

of these non-major governmental funds is also provided in the form of combining statements in the Supplemental Financial

Statement section of this report.

The District adopts an annual appropriated budget for its Combined General Fund as well as all the other funds. On page 86, a

budgetary comparison schedule is provided for the Combined General Fund to demonstrate compliance with the annually

appropriated budget

Proprietary Funds

The District maintains only one type of proprietary fund, an Internal Service Fund. Internal Service Funds are used to

accumulate and allocate costs internally among the District’s various functions. The District uses two Internal Service Funds,

the Medical Fund and the Short Term Disability Insurance Fund (STDI). The Medical Fund accounts for its self-insured and

fully-insured medical programs as well as dental and vision insurance, and the STDI Fund accounts for short term disability

claims and insurance activity.

The Medical Fund and the STDI Fund are governmental fund activities and are included in the government-wide financial

statements within governmental activities. They are not included in the governmental funds on pages 42 and 44 but are included

in the proprietary fund financial statements as internal service funds. Individual fund data for the Medical Fund and the STDI

Fund are provided in separate detail on pages 130-134.

Custodial Funds

Custodial Funds are used to account for resources held for the benefit of parties outside the government. The District is

responsible for ensuring the assets reported in the Private Purpose Trust Scholarship, Fund 75, is only used for approved

scholarships at verified educational institutions. Custodial funds are not reflected in the government-wide financial statements

because the resources of custodial funds are not available to support the District’s own programs. The accounting used for

custodial funds is much like that used for proprietary funds.

Notes to the Financial Statements

The notes provide additional information essential to a full understanding of the data provided in the government-wide and fund

financial statements. This additional

Note

detail can be found on pages 51-84.

Government-wide Financial Analysis

Net Position

The following table provides a summary of the Governmental net position as of June 30, 2022. Comparative data for June 30,

2021, is also presented. This financial statement reports that liabilities plus deferred inflows of resources exceeded assets plus

deferred outflow of resources by $195,172,085. This negative net position is solely due to the adoption of GASB Statement No.

68. Note that in comparison to the fiscal year 2021 data

the District net position increased by $312,996,060. This increase,

however, was mostly due to the pension income of $263,451,759. In the current fiscal year, the State reinstated its $225 million

nonemployer contribution to PERA that was suspended in the 2020-2021 fiscal year. In addition to the State nonemployer

contribution, PERA had a positive year of investment returns led by a strong global equity market among other positive yearly

returns resulting in a time-weighted return of 16.1 percent net-of-fees. Secondly, the contribution rates for employees increased

during the fiscal year. The employer rate remained at 10.90% and the employee rate increased from 10.00% to 10.50% (see page

70 for a full rate breakout).

Note from the table above that the largest portion of the District assets, about 68 percent, reflects investment in capital assets

less accumulated depreciation. The largest portion of current assets, predominately cash on hand and restricted cash and

investments, is reported in the Combined General Fund and Bond Redemption Fund, with about $47 million remaining in the

Building Fund resulting from the sale of the 2018 bond. These funds will be spent over the next two years for capital needs. The

Combined General Fund cash balances are held for TABOR and Board of Education required reserves as well as the carryover

balances for schools. Smaller cash balances are reported in the non-major governmental funds. Note that the cash balance in the

Bond Redemption Fund is available to make the December 1, 2022 debt service payment. Property tax revenues for each fiscal

year are largely received in the second semester of the school year between March and June though tax receipts continue

through December 31 of the following fiscal year.

Statement of Activities

Note in the Condensed Statement of Activities that governmental activity total revenues increased by $80,922,701 over fiscal

year 2021.

Charges for services were up by over $19.8 million as full programing resumes, and COVID-19 restrictions were

lifted that had previously either significantly reduced programming or suspended student activities.

Finally, PPR increased by

$816 associated with the School Finance Act along with a slight increase in funded pupil count.

Note that the increased pupil

count is due to increases in charter schools, and the District neighborhood schools actually decreased in pupil count year over

year.

While the 2018 bond proceeds were

invested in a relatively strong market during the 2019-2020 school year, those investments

continue to mature and be spent on capital projected as planned in accordance with a construction schedule.

2021-2022

2020-2021

370,472,594

434,673,501

802,963,262

751,514,783

Total assets

1,173,435,856

1,186,188,284

159,267,962

270,398,184

108,524,866

117,727,785

1,071,449,946

1,429,918,896

Total liabilities

1,179,974,812

1,547,646,681

347,901,091

417,107,932

423,650,011

372,855,713

TABOR Emergency

17,561,600

15,865,400

Debt Service

59,516,441

68,955,900

Nutrition Services

9,483,172

4,324,657

Other Grants & Programs

1,730,576

15,072,878

(707,113,885)

(985,242,693)

Total net position

(195,172,085)

(508,168,145)

Current and other assets

Unrestricted

Capital assets

Current liabilities

Long-term liabilities outstanding

Net position:

Restricted for:

Net investment in capital assets

Deferred outflows of resources

Deferred inflows of resources

Government-wide Financial Analysis (Continued)

Statement of Activities (Continued)

The total expenses increased by $76,539,443 from the fiscal year 2021 due to returning to full programming and return to in

person learning as well as recovery of some administrative staffing previously cut in response to state budget cuts. Finally, the

District recorded a reduction in expenses of $263 million related to pension income.

Condensed Statement of Activities for

Fiscal Years Ended June 30, 2022 and 2021

2021-2022

2020-2021

47,834,362

27,990,710

100,467,777

93,326,049

355,363,007

322,974,647

31,147,922

31,547,273

321,796,077

294,169,769

320,048

702,384

6,294,825

3,935,292

4,111,478

11,766,671

Total revenues

867,335,496

786,412,795

181,432,023

152,779,508

192,394,856

165,281,130

160,011,621

137,809,602

20,500,936

21,929,753

Total expenses

554,339,436

477,799,993

312,996,060

308,612,802

(508,168,145)

(816,780,947)

(195,172,085)

(508,168,145)

Governmental Activities

Revenues:

Program revenues:

Charges for services

Payments to component units

Interest on long-term debt

Specific ownership taxes

Expenses:

Instructional

Supporting services

Interest earnings

NET POSITION, Ending

Change in net position

Operating/capital grants

General revenues:

Property taxes

State equalization

Other

NET POSITION, Beginning

Grant contributions not specific to programs

Government-wide Financial Analysis (Continued)

As noted earlier, the District uses fund accounting to demonstrate and ensure compliance with finance-related legal

requirements. In addition, fund accounting is used to report on the financial position of the District to maintain transparency and

provide accountability.

Governmental Fund Financial Analysis

Revenues and Other Financing Sources

The District receives its revenues from local property taxes, intergovernmental sources through the state and federal

government, charges for services rendered, returns on investment, issuance of bonds, COPs or leases, and several other minor

sources. The table below is a comparative summary of the distribution of these revenues and sources for fiscal year 2022 and

fiscal year 2021. The accompanying chart graphically shows the proportion of revenues from all the sources for fiscal year

2022. The largest revenue source for the District is received from state and federal intergovernmental sources at $422,263,854,

an increase of 8.9 percent from the prior year. The increase is due to an increase in per pupil revenue (PPR) of $816 per student

as well as additional state funds offered during the year specified to for at-risk kids, to help fund before and after school

programs as well as increased NSLP fund to feed all students during the year.

Property taxes represent the next significant source of revenue. The property tax revenue increase is due to an increase in

assessed value and school finance act mills.

The District charges its charter schools and its District students various fees. Recognize here that these charges include athletic

and activity charges, childcare tuition as well as lunch charges in Nutrition Services. Charges for services increased 70.8

percent, due to program and funding beginning to return to pre-COVID levels.

These recoveries include return to in-person

learning and overall increase in student activity in all tuition, fees and school based revenue programs as well as Nutrition

Services.

The table on the next page and the accompanying chart show the same total revenue, but reports these revenues by fund. Note

that the majority of these revenues are accounted for in the Combined General Fund. Governmental Designated Purpose Grants

Fund decreased by 33.8 percent due to the prior year recognition of one-time revenues from COVID-19

related grants. The Non

-major Governmental Fund is the third largest reported revenues. These revenues, increased by 62.8 percent as programs climb

back to pre-COVID programing levels.

Taxes

387,306,870

44.3%

355,728,486

45.2%

Intergovernmental Sources

422,263,854

48.3%

387,495,818

49.2%

Charges for Services

47,834,362

5.5%

27,990,710

3.6%

Investment Earnings Loss

307,108

0.0%

687,066

0.1%

Other

16,790,910

1.9%

15,106,146

1.9%

Total

874,503,104

100%

787,008,226

100%

2020-2021

2021-2022

Governmental Fund Financial Analysis (Continued)

Revenues and Other Financing Sources (Continued)

Expenditures by Fund

Recall that the District uses fund accounting to demonstrate and ensure compliance with finance-related legal requirements.

Fund accounting may also enhance transparency and accountability. In this analysis, Governmental Fund expenditures increased

by $84,057,205. The increase is primarily due to the District returning to pre-COVID-19 levels of operations and beginning to

build back some of the previously laid off administrative positions.

The District also accrued for about $10 million in retention

bonuses implemented due to continued staffing shortages across most positions.

Non-Major Governmental funds also increased

by $17 million as athletics, activities, and before and after school care programs all return back to almost pre-COVID-19

programming levels.

Additionally Nutrition Services NSLP fund increased by $10 million as all student continue to be fed for

one last year under the Federal Program and food costs continue to increase.

The Bond Redemption fund payments increase as

the District paid off the 2010 bond early due to excess fund balance.

Some of these increases are offset by the Governmental

Designated Purpose Grants fund decrease of $14 million as the District spent a majority of its COVID-19 related grant funding

during the 2020-2021 school year.

Finally the Building fund decreased by $33 million as the District continues to spend down

the planned capital outlay in accordance with the issuance of the 2018 bond.

Inc/(Dec)

Combined General

726,128,530

83.0%

650,703,967

82.7%

75,424,563

Governmental Designated Purpose Grant Fund

27,601,038

3.2%

41,698,653

5.3%

(14,097,615)

Bond Redemption

65,722,003

7.5%

60,136,372

7.6%

5,585,631

Building

(351,295)

0.0%

446,925

0.1%

(798,220)

Non-major Governmental

55,402,828

6.3%

34,022,309

4.3%

21,380,519

Tota

874,503,10

100%

787,008,226

100%

87,494,878

2021-2022

2020-2021

Inc/(Dec)

Combined General

702,584,504

75.5%

606,232,689

71.7%

96,351,815

Governmental Designated Purpose Grants

27,601,038

3.0%

41,698,653

4.9%

(14,097,615)

Bond Redemption

74,054,849

8.0%

55,936,081

6.6%

18,118,768

Building

68,974,636

7.4%

102,342,927

12.1%

(33,368,291)

Non-major Governmental

56,397,494

6.1%

39,344,966

4.7%

17,052,528

Tota

929,612,521

100%

845,555,316

100%

84,057,205

2021-2022

2020-2021

Governmental Fund Financial Analysis (Continued)

Expenditures by Fund (Continued)

Ending Fund Balances

As of the end of the current fiscal year, the District governmental funds reported combined ending fund balances of

$288,830,466, a decrease of $67,321,983 from the prior year. This decrease is primarily due to the capital projects from the 2018

bond proceeds. The Combined General Fund increase of over $13 million is due to staff vacancy savings as well as schools still

not spending down carryover balances from prior years as they struggle to fill positions and return programs all the way back to

normal levels.

Inc/(Dec)

Combined General

168,573,544

58.4%

154,878,689

43.5%

13,694,855

Governmental Designated Purpose Grant Fund

0.0%

Bond Redemption

63,480,642

22.0%

71,813,488

20.2%

(8,332,846)

Building

40,624,932

14.1%

109,950,863

30.9%

(69,325,931)

Non-major Governmental

16,151,348

5.6%

19,509,409

5.5%

(3,358,061)

Tota

288,830,466

100%

356,152,449

100%

(67,321,983)

2021-2022

2020-2021

Combined General Fund Budgetary Highlights

The District approves a budget in June based on enrollment projections for the following school year and State legislative

action in the spring. Please reference the Budgetary Comparison Schedule on page 86. Note that the amended expenditure

budget shows an increase over the Adopted Budget of approximately $56 million. In Colorado, districts are funded on current

year student counts. The student count day is on or around October 1 of each fiscal year. Once these student counts are known,

the Colorado Department of Education recalculates the funding for each district. In addition, the fiscal year for school districts

is July 1 through June 30, but the mill levy or tax rates are not set for the current year until December. The District budget is

amended to account for both the changes in student counts from projection as well as changes in assessed value and the

resulting tax rate set in December. Finally, the amount of carryover available for each school is not finalized until September

once the sixty-day encumbrance period associated with the payment of invoices has expired. The budget is amended to account

for the carryover amounts awarded to each school, changes in projections in funded pupil counts combined with the changes in

Per Pupil Revenue as well as changes in other intergovernmental revenue sources generated additional sources of revenue since

original adoption.

After the District’s financial plan is adopted in June of the prior year, budgets may be amended by the Board of Education or

management. Once the budget is approved, individual sites may amend between individual expense items at any time as long as

the total expenditures do not change. Total expenditures were amended by management and approved by the Board to align

expenditures for changes in revenues as described above, as well as allocating funds for projects specifically identified in the

Facility Acquisition and Construction category.

Note that the District expenditures were under budget in the Combined General Fund by $81,941,099. Salaries and benefits

were under budget by almost $22.5 million due to many vacant positions. The most significant vacancies were in Special

Education support staff, operations and maintenance staff and dozens of bus driver positions. Supplies were under budget by

over $45 million due to school carryover that actually increased slightly for fiscal year 2021-2022. The District schools

continue to carefully monitor and review expenditures. This results in schools carrying over discretionary dollars in an amount

of about $24.7 million, increasing school carryover by $1.3 million. Property and equipment expenditures were under due to

scheduled capital projects that were not fully complete as of June 30, 2022.

Finally, in Colorado, State law requires that funds

be fully appropriated before any spend is authorized. Because of the site-based decision model regarding the budgeting and

spending of school discretionary dollars, as well as the sixty-day encumbrance period, final school spend is not known until the

end of August; therefore the District fully appropriates and budgets all available funds ensuring that its schools have the

authority to spend their discretionary dollars.

Actual revenues were under budgeted by $5.5 million. The overall variance is small, and most of the variance is noted within

the Other category.

In the Capital Projects fund other category, the District budgeted for $6 million in

federal ERate

reimbursement for IT infrastructure projects was not received in the current fiscal year, but is expected in the 2022-2023 fiscal

year.

Capital Asset and Debt Administration

Capital Assets

The District investment in capital assets for governmental activities as of June 30, 2022, equaled $802,963,262 an increase of

$51,448,479 (net of accumulated depreciation) due to planned 2018 Bond projects in current year offset by $36,381,739 in

depreciation expense. This investment in capital assets is in line with the improvement promises made to voters during the 2018

election such as security upgrades, facility repairs, classroom furnishings, buses and technology.

Additional information on the

District’s capital assets is provided in Note 5 on pages 61-62.

2022

2021

Capital Assets:

Land

13,310,241

Buildings and Improvements

1,028,103,581

995,246,483

Buildings - Lease Assets

20,775,720

Land Improvements

11,430,580

8,435,621

Machinery and Equipment

105,141,620

114,072,228

Construction in Progress

131,792,429

107,732,299

Accumulated Depreciation

(507,590,909)

(487,282,089)

Total Net Capital Assets

802,963,262

751,514,783

Governmental

Activities

Capital Asset and Debt Administration (Continued)

Long-Term Debt

As of June 30, 2022, the District had outstanding debt exclusive of NPL and OPEB of $431,935,448, a decrease of $72,133,570

from the prior year. The District continues to pay off G.O. bonds and COPs. Of the outstanding long-term debt, $364,225,000 is

G.O. bonded debt that is backed by the full faith and credit of the District taxpayers. Please also note the $8,680,000 in

outstanding COPs. The District’s COP policy requires that yearly lease payment liabilities be no more than one percent of

yearly general fund revenues. In reviewing the

Notes on page 63,

we report that our maximum yearly COP lease payments will

be $800,000, an amount well below one percent of approximately $714.6 million ($7,146,955) in General Fund revenues

received in fiscal year 2022.

In addition, the District is required to report its portion of the PERA SCHTF Net Pension Liability (NPL) and PERA OPEB

through the Health Care Trust Fund. This proportionate NPL is reported as $636,750,686, about 32 percent lower than the prior

year. OPEB liability is reported as $30,807,156, about 9 percent lower than the prior year.

The $8,680,000 of outstanding COPs are collateralized by specific buildings owned by the District. These COP lease payment

obligations are subject to annual appropriation and are distinctly different from G.O. bonds. The issuance of G.O. bonds can

only be completed upon voter approval associated with a dollar amount authorization. The aggregate yearly appropriation to

Fund 39, the COP Lease Payment Fund, is just over $2.7

million from the General Fund. See the Notes on page 64.

Aspen View Academy was the first charter school to partner with the District as specified in the Board COP policy. In April

2021, Aspen View Academy refinanced the COP debt held by the District.

Those funds were received during the 2021 fiscal

year, but were not deposited in an irrevocable trust until the next fiscal year due to timing of the transaction. As a result, these

COPs are defeased and the liability for those certificates were removed from the government-wide statement of net position in

the current fiscal year.

The District maintains a credit rating with Moody’s Investors Service Inc. at Aa2.

Moody’s published their new US K-12

School District rating methodology during the 2021 fiscal year.

As part of their new rating methodology, Moody’s now assigns

an issuer credit rating to school districts as well as an unlimited general obligation bond rating which will typically be one notch

higher than the issuer’s underlying credit rating. As a result of this change, the District’s G.O. Bonds are still rated at Aa1, but

the overall district is one notch lower as anticipated. Additional information on the District’s long-term debt is provided in Note

7 starting on page 63.

At this time, identified capital projects are carefully prioritized to determine those with the greatest need or safety concern so

that remaining capital project dollars are used in the most effective way possible. The District and the Long Range Planning

Committee (LRPC) continue to assess the status of facilities to determine additional facility and technological needs based on

student growth, and to update the Master Capital Plan with this information. As of June 30, 2022, the District has $40,624,932

in proceeds remaining from the 2018 bond issuance.

Other Obligations of the District

The District maintains leases that, similar to COPs, require an annual appropriation and one lease is collateralized by the

equipment received and installed. These annual lease payments are budgeted and accounted for in the General

Fund.

June 30, 2022

June 30, 2021

General Obligation Bonds

364,225,000

33.1%

419,585,000

28.5%

Certificates of Participation

8,680,000

0.8%

22,385,000

1.5%

Accreted Interest

3,403,454

0.3%

2,379,722

0.2%

Bond Premiums

40,482,635

3.7%

50,892,604

3.5%

Extended Service Separation

77,054

0.0%

95,803

0.0%

Leases

9,869,424

0.9%

3,623,865

0.2%

Compensated Absences

5,197,881

0.5%

5,107,024

0.3%

Total before NPL

431,935,448

504,069,018

OPEB Liability

30,807,156

2.8%

34,048,351

2.3%

Net Pension Liability

636,750,686

57.9%

936,328,834

63.5%

Total

1,099,493,290

100%

1,474,446,203

100%

Governmental Activities

Fund Balance Policy

Both the extent and the quality of educational services affect and are affected by the financial condition of the District. The

District provides its best estimate of the end-of-year fund balances to be carried forward to the ensuing year as a beginning fund

balance. At a minimum, the budget adopted by the District shall ensure that restricted General Fund or cash emergency reserves

are held in the amount required under the provisions of the Colorado State Constitution. The Board of Education, by policy,

mandates an additional reserve of three percent to further enhance the sustainability of the District financial position. This

additional Board reserve is committed in the fund balance pursuant to GASB Statement No. 54,

Fund Balance Reporting and

Governmental Fund Type Definitions

. The District maintains an ongoing three-year projection for significant operating funds.

The District continues to maintain a healthy fund balance. Our schools and departments regularly scrutinize their spend and have

contributed greatly to the maintenance of this fund balance associated with the Board policy allowing school budget holders to

carry unspent discretionary dollars into the new year. Compliance with and level of reserves and contingencies associated with

Board policy shall be examined every year as part of the budget development process to determine if modifications are prudent in

view of uncertainties in current and future revenues and expenses.

TABOR and Board of Education Reserves

The financial statements report that the State of Colorado requires each school district to reserve 3 percent of cash or more of

fiscal year spending to use only for declared emergencies. As mentioned above, in addition to the required TABOR Reserve, the

Board of Education, by policy, requires an additional 3 percent of yearly spend held in reserve providing financial stability and

available resources to fund any unexpected emergency. On

page 39, of

the financial statements report the District meets the

TABOR and additional Board of Education reserve policy by reporting restricted and committed fund balances of $17,561,600

and $17,561,600, respectively. The District did not include the State nonemployer contribution to PERA in the TABOR

calculation since it is not the District’s spend. A contingency budget line of $6,128,840 equivalent to one percent, is budgeted and

appropriated each year, also specified in Board policy.

Economic Factors and Subsequent Events

State of Colorado Economy -

From the September 2022 Revenue Forecast from the Office of State Planning and Budgeting, the

preliminary numbers for 2021-2022 shows historical growth in revenue projections by 23.7 percent from the 2020-2021 levels

triggering TABOR refunds during the 2022-2023 fiscal year.

General Fund projections for 2022-2023 fiscal year are expected to

modestly surpass the previous year but still fail to keep pace with inflation.

The aggressive monetary policy response to

inflation

and a faltering global economy poses significant risks to the economic outlook, elevating the risk of recession during the

forecasted period.

The U.S. and Colorado economies continue to grow, but inflation has taken its toll.

Rapid increases in cost of energy and

housing to food and vehicles have eroded real gains in earnings and income.

The pressures of recession have prompted the

Federal Reserve to raise interest rates and reduce asset purchases which has further influenced business activity and

construction.

However, the labor market is strong, with low unemployment rate and employment reaching or exceeding

pre-pandemic levels in most sectors.

Although the tight monetary policy is expected to cool labor demand, it is still anticipated

that with near-record levels of job openings, there is room to rein in inflationary pressures without decreasing employments

levels.



U.S. nonfarm employment is expected to increase by 3.6 percent in 2022 and 2.5 percent in 2023. The U.S. unemployment

rate is expected to decline from 5.4 percent in 2021 to 3.6 percent in 2022 and to fall below pre-pandemic rates, averaging

3.4 percent in 2023.



Nonfarm employment in Colorado is expected to outpace national trends, growing 4.0 percent in 2022 before

slowing to

2.0 percent in 2023.

The Colorado unemployment rate is expected to decline from 5.4 percent in 2021 to 3.4 percent in

2022 before falling further to 3.1 percent in 2023.

Colorado’s employment rate has recovered and exceeded pre-pandemic levels.

The state regained 429,900 jobs since losing

375,500 between February and April 2020, a recovery rate of 114.8 percent compared to the national average of 101.1 percent.

Colorado’s

unemployment rate for August ticked up to 3.4 percent, just below the national average of 3.7 percent.

This leaves

Colorado’s unemployment rate at the 24

lowest among the 50 states

Revenue to the State Education Fund is expected to increase by $514 million, although the estimated funded pupil count is

expected to decrease by 20,511 pupils on a year-over-year basis, inflation expectations for 2022 have increased to 8.2 percent. The

local share is expected to

increase by up to $317 million due to assessed value increases.

The State School Finance Act, which

has not been fully funded since fiscal year 2008-2009, has a Budget Stabilization Factor - formerly the “Negative Factor” -

of approximately $503 million translating to approximately $35.9 million for DCSD. This is a significant buy-down of the Budget

Stabilization factor over prior years.

Pursuant to the Colorado School Finance Act for fiscal year 2022, the District PPR (per pupil

revenue) without the Budget Stabilization factor, would have been $9,212/student, about $546 more than the actual PPR of

$8,666.

Douglas County Economy -

The County population decreased slightly to 373,275 residents in 2021. This is the first decrease in the

ten-year history captured by this report.

This decrease of 5,725 residents represents a reduction rate of approximately 1.5 percent.

The unemployment rate in Douglas County remains lower than state and national unemployment rates. As of March 2022,

Economic Factors and Subsequent Events (Continued)

Douglas County’s unemployment rates fell to 2.9 percent, significantly lower than 4.9 recorded in March 2021.

Comparatively,

Colorado’s unemployment fell to 3.5 percent, again significantly lower than the 6.4 percent a year ago and the U.S. unemploy-

ment rate fell to 4.1 percent compared to 6.5 percent over the year. The labor force in Douglas County rose 3.9 percent over the

year, an increase of 7,807 people working or looking for a job.

District Enrollment -

In recent years, Douglas County has experienced declining enrollment. COVID-19 has further impacted

the decline as parents are making different educational choices for their families. As of October 2022 (fiscal year 2023), the

District reported to CDE a decrease of 1,004 students over prior year enrollment.

Fiscal Year 2023 School Finance Act Approved Increases and New District-wide Allocations -

In July 2022, the District adopted

a budget that includes an increase in per pupil revenue of $525/student from $8,666 to $9,192. Overall, this increase to Per Pupil

Revenue combined with an estimated Funded Pupil Count of 186 additional funded pupils, equates to an overall increase to

Total Program of $38.8 million year-over-year.

However, district-run school enrollment is declining year-over-year and the

amount of new revenue projected to be retained by DCSD and not passed onto charter schools is $20.3 million.

The District was fortunate to be a recipient of federal stimulus dollars from the Elementary and Secondary School Emergency

Relief (ESSER) Fund for COVID-19 relief. ESSER was allocated to DCSD based on Title I funding methodologies in three

different phases of ESSER I, II, and III. Portions of these funds were passed through to charter schools. ESSER I was expended

during the 2020-2021 school year. The budgeted totals for the district-managed portions of ESSER II and III total $13.9 million

and were be used for eLearning, summer school, unfinished learning programs as well as support staff, goods, and services.

All

ESSER funds are expected to be spent in fiscal year 2022-2023.

With the positive additions to 2022-2023 funding, the District aims to strategically reinvest within schools and departments. The

most significant investments are for the employees to further the strategic themes of Positive and Supportive Culture as well as

Recruitment, Retention and Development of High Quality Employees.

For licensed employees, three salary schedules were

developed, General, Hard to Hire and Specialist/Extremely Hard to Hire.

Using these schedules, these licensed employees were

placed in their designated cell based on education and years of experience.

This resulted in average increases of 8% for this

employee group.

In addition, non-licensed employees (administrators, professional/technical and classified), staff were

evaluated in relation to their relevant markets.

Those adjustments resulted in an average increase of about 7%.

The cost of these

compensation changes is about $36 million.

In addition to compensation changes noted above, the District is continuing to refine the Site-Based Budget (SBB) weighted

student funding methodology for neighborhood schools and maintain school purchasing power.

These changes included

additional funding for our small schools, increases to all site based budgets, investments in alternative education programming

and using grant funding for additional mental health support.

The District is also continuing to invest in our support systems and

aligning those department budgets with priorities of the DCSD Strategic Plans.

Those increases focus on investing in special

education support, investing in alternative education and career and technical education programs that occupy the new VALE

and Legacy Campuses, as well as investing in extra activity pay to provide opportunities for students in athletics, activities,

music and performing arts.

Colorado Governor’s Budget Request for Fiscal Year 2024

- Based on the November 2022 Budget Request, Governor Jared

Polis submitted his fiscal year 2024 budget request to the Joint Budget Committee. The request increases funding for K-12

education by $704 million in fiscal year 2023-2024. This includes a $35 million reduction in the Budget Stabilization (BS)

Factor to keep it at 3 percent of what is spent on K-12 Education.

This budget request calls for an average per pupil revenue

increase of about $861/student.

Also included in his request is $325 million in Universal Pre-K funding which is an increase of

$10 million as well as an additional $29 million to special education services.

The Governor’s budget request must be considered and approved by the legislature.

Component Units

Only summary information regarding component units appears in the District’s financial statements. The District has seventeen

component units, all of which are charter schools. Each charter school is represented in the Component Unit section of this

Annual Comprehensive Financial Report and is presented in aggregate in a separate column in the Government-wide Statement

of Net Position and in the Statement of Activities.

After a yearly review of the Foundation for Douglas County Schools financial activities, the District business administration has

determined that its financial activities, due to the level of materiality and the independence of their activity in relation to the

District, shall not be considered a component unit of the District. The financial activity of the Foundation is not included in this

report.

Requests for Information

This financial report is designed to provide a general overview of the District’s finances for all those with an interest in

the financial status of the District. Questions concerning any of the information provided in this report or requests for additional

financial information may be addressed to the Interim Chief Financial Officer, Ms. Jana Schleusner, 701 Prairie Hawk Drive,

Castle Rock, Colorado 80109.

THIS PAGE INTENTIONALLY LEFT BLANK

BASIC

FINANCIAL

STATEMENTS

THIS PAGE INTENTIONALLY LEFT BLANK

See accompanying notes to the financial statements

Primary

Component

Government

Units

Governmental

Charter

Activities

Schools

ASSETS

Cash and Investments

233,242,078

74,302,961

Receivables:

Property Taxes, Net of Allowance for Uncollectible Taxes

12,881,251

Lease

1,035,453

Other

8,906,735

1,607,400

Inventories

2,590,010

9,975

Prepaid Costs and Other Assets

1,788,720

1,893,929

Restricted Cash and Investments

110,028,347

50,072,538

Capital Assets:

Non-Depreciable

145,102,670

36,206,583

Depreciable, Net

657,860,592

212,816,789

Total Assets

1,173,435,856

376,910,175

DEFERRED OUTFLOWS OF RESOURCES

Pension Related Amounts

152,560,173

41,449,206

OPEB Related Amounts

3,388,913

1,406,028

Deferred Amount on Refunding

3,318,876

4,512,292

Total Deferred Outflows of Resources

159,267,962

47,367,526

LIABILITIES

Accounts Payable

25,055,825

9,610,653

Accrued Compensation

41,263,725

4,841,141

Unearned Revenues

5,001,726

648,727

Accrued Insurance Claims

6,306,360

Accrued Interest Payable

1,115,810

3,446,225

Non-Current Liabilities:

Due within One Year

29,781,420

23,418,846

Due in More than One Year:

Accrued Insurance Claims

1,738,076

Lease Liability

8,502,503

Other Non-Current Liabilities

393,651,525

306,889,101

OPEB Liability

30,807,156

134,663,210

Net Pension Liability

636,750,686

6,515,020

Total Liabilities

1,179,974,812

490,032,923

DEFERRED INFLOWS OF RESOURCES

Leases

1,000,330

OPEB Related Amounts

13,160,787

71,766,191

Pension Related Amounts

333,739,974

4,078,614

Total Deferred Inflows of Resources

347,901,091

75,844,805

NET POSITION

Net Investment in Capital Assets

423,650,011

(51,298,917)

Restricted:

TABOR Emergency Reserve

17,561,600

5,286,335

Debt Service/Lease Obligation

59,516,441

34,626,877

Other Grants and Programs

1,730,576

Nutrition Services

9,483,172

Unrestricted (deficit)

(707,113,885)

(130,214,322)

Total Net Position

(195,172,085)

(141,600,027)

DOUGLAS COUNTY SCHOOL DISTRICT RE. 1

Statement of Net Position

June 30, 2022

See accompanying notes to the financial statements

Operating

Capital

Charges for

Grants and

Functions/Programs

Expenses

Services

Contributions

Primary Government:

Instructional

181,432,023

47,834,362

27,819,189

Supporting Services

192,394,856

72,648,588

Funding to Component Units -

Unallocated

160,011,621

Interest on Long-Term Debt

20,500,936

Total Governmental Activities

554,339,436

47,834,362

100,467,777

Component Units

Charter Schools

126,459,976

15,371,044

3,279,253

1,330,172

GENERAL REVENUES

Property Taxes

Specific Ownership Taxes

State Equalization

Investment Earnings

Grants and Contributions not specific to Programs

Cash in Lieu of Land

Other

Total General Revenues

Change in Net Position

NET POSITION, Beginning, as restated

NET POSITION, Ending

DOUGLAS COUNTY SCHOOL DISTRICT RE. 1

For the Fiscal Year Ended June 30, 2022

Statement of Activities

Program Revenues

Governmental

Component

Activities

Units

(105,778,472)

(119,746,268)

(160,011,621)

(20,500,936)

(406,037,297)

(106,489,164)

355,363,007

31,147,922

321,796,077

154,724,378

320,048

83,832

6,294,825

5,628,508

2,832,976

1,278,502

5,426,375

719,033,357

165,863,093

312,996,060

59,373,929

(508,168,145)

(200,973,956)

(195,172,085)

(141,600,027)

Changes in Net Position

Net (Expense) Revenue and

See accompanying notes to the financial statements

See accompanying notes to the financial statements

Governmental

Combined

Designated

Bond

Non-Major

Total

General

Purpose Grants

Redemption

Building

Governmental

ASSETS

Cash and Investments

209,935,452

18,383,606

228,319,058

Receivables:

Property Taxes, Net of Allowance

for Uncollectible Taxes

11,089,389

1,791,862

12,881,251

Leases

1,035,453

Other

900,090

4,829,737

162,192

199,785

2,814,931

8,906,735

Due from Other Funds

2,439,714

Prepaid Costs

819,171

Inventories, at Cost

1,658,901

931,109

2,590,010

Restricted Cash and Investments

62,063,081

47,965,266

110,028,347

Total Assets

227,878,170

4,829,737

64,017,135

48,165,051

22,129,646

367,019,739

LIABILITIES

Due to Other Funds

89,445

2,350,269

2,439,714

Accounts Payable

15,693,486

688,486

7,540,119

933,398

24,855,489

Accrued Compensation

38,950,241

1,509,037

804,447

41,263,725

Unearned Revenues

479,328

281,945

4,240,453

5,001,726

Total Liabilities

55,212,500

4,829,737

7,540,119

5,978,298

73,560,654

DEFERRED INFLOWS OF RESOURCES

Leases

1,000,330

Unavailable Revenue - Property Taxes

3,091,796

536,493

3,628,289

Total Deferred Inflows of Resources

4,092,126

536,493

4,628,619

FUND BALANCES

Nonspendable:

Inventories & Prepaid Costs

2,478,072

Restricted:

TABOR Emergency Reserve

17,561,600

Restricted Fund Balance

1,730,576

63,480,642

40,624,932

9,483,172

115,319,322

Committed:

3% Board Reserves

17,561,600

Assigned:

Extended Service Severance

77,054

Facility Use Revenue Share

822,343

Cash in Lieu

8,332,365

2018 Mill Levy Override Carryover

7,522,347

Security and Mental Health Reserve

2,904,570

Master Capital Plan Projects

542,137

Literacy Curricular Materials Reserve

2,250,000

Staff Compensation Reserve

10,000,000

Multi-Year Lease Reserve

4,178,498

School Carryover

21,001,747

Sub-fund Carryover

3,293,850

6,668,176

9,962,026

Unassigned

68,316,785

Total Fund Balances

168,573,544

63,480,642

40,624,932

16,151,348

288,830,466

Total Liabilities, Deferred Inflows of

Resources and Fund Balances

227,878,170

4,829,737

64,017,135

48,165,051

22,129,646

367,019,739

DOUGLAS COUNTY SCHOOL DISTRICT RE. 1

Governmental Funds

Balance Sheet

June 30, 2022

See accompanying notes to the financial statements

Fund Balances of Governmental Funds

288,830,466

Amounts reported for governmental activities in the statement of net position are different because:

Capital assets used in governmental activities are not financial

resources and therefore are not reported in the funds.

802,963,262

Other long-term assets are not available to pay for current period

expenditures and therefore are reported as deferred inflows of resources in the funds.

3,628,289

Internal Service Funds are used by management to charge the costs of insurance

to individual funds.

The assets and liabilities of the Internal Service Funds

are included in governmental activities in the statement of net position.

1,127,833

Deferred inflows and outflows of resources that represent an acquisition or consumption

of net position that applies to future periods and therefore is not reported in the funds:

Deferred Amount on Refunding

3,318,876

Deferred Outflows of Resources, Pension-Related Amounts

152,560,173

Deferred Outflows of Resources, Other Post Employment Benefit-Related Amounts

3,388,913

Deferred Inflows of Resources, Pension-Related Amounts

(333,739,974)

Deferred Inflows of Resources, Other Post Employment Benefit-Related Amounts

(13,160,787)

(187,632,799)

Long-term liabilities, including long-term debt are not due

and payable in the current period and therefore are not reported in the funds:

General Obligation Bonds

(364,225,000)

Certificates of Participation

(8,680,000)

Accreted Interest

(3,403,454)

Bond Premiums

(40,482,635)

Accrued Interest Payable

(1,115,810)

Net Pension Liability

(636,750,686)

Other Post Employment Benefit Liability

(30,807,156)

Accrued Insurance Claims Payable

(3,480,036)

Leases

(9,869,424)

Extended Service Severance

(77,054)

Compensated Absences

(5,197,881)

(1,104,089,136)

Net Position (deficit) of Governmental Activities

(195,172,085)

DOUGLAS COUNTY SCHOOL DISTRICT RE. 1

Reconciliation of the Governmental Funds Balance Sheet

to the Government-wide Statement of Net Position

June 30, 2022

See accompanying notes to the financial statements

Governmental

Combined

Designated

Bond

Non-Major

Total

General

Purpose Grants

Redemption

Building

Governmental

REVENUES

Property Taxes

290,661,411

65,497,537

356,158,948

Specific Ownership Tax

31,147,922

Intergovernmental

367,186,634

27,258,031

27,819,189

422,263,854

Charges for Services

23,216,916

24,617,446

47,834,362

Fundraisers and Donations

3,507,808

2,787,017

6,294,825

Investment Earnings (Loss)

433,937

224,466

(351,295)

307,108

Other

9,973,902

343,007

179,176

10,496,085

Total Revenues

726,128,530

27,601,038

65,722,003

(351,295)

55,402,828

874,503,104

EXPENDITURES

Current:

Instructional

336,561,522

17,967,295

23,704,370

378,233,187

Supporting Services

204,369,801

9,633,743

30,053,156

244,056,700

Funding to Component Units

160,011,621

Capital Outlay

68,974,636

Debt Service/Lease Payments:

Principal

1,357,013

55,360,000

2,080,000

58,797,013

Interest and Fiscal Charges

284,547

18,694,849

559,968

19,539,364

Total Expenditures

702,584,504

27,601,038

74,054,849

68,974,636

56,397,494

929,612,521

EXCESS (DEFICIENCY) OF REVENUES

OVER EXPENDITURES

23,544,026

(8,332,846)

(69,325,931)

(994,666)

(55,109,417)

OTHER FINANCING SOURCES (USES)

Payment to Refunding Escrow Agent

(12,218,034)

Proceeds from Sale of Capital Assets

5,468

Transfers In

9,849,171

Transfers Out

(9,849,171)

Total Other Financing Sources (Uses)

(9,849,171)

(2,363,395)

(12,212,566)

NET CHANGES IN FUND BALANCES

13,694,855

(8,332,846)

(69,325,931)

(3,358,061)

(67,321,983)

FUND BALANCES, Beginning

154,878,689

71,813,488

109,950,863

19,509,409

356,152,449

FUND BALANCES, Ending

168,573,544

63,480,642

40,624,932

16,151,348

288,830,466

DOUGLAS COUNTY SCHOOL DISTRICT RE. 1

Governmental Funds

For the Fiscal Year Ended June 30, 2022

Statement of Revenues, Expenditures and Changes in Fund Balances

See accompanying notes to the financial statements

Net change in fund balances of governmental funds

(67,321,983)

Amounts reported for governmental activities in the statement of activities are different because:

Capital outlays are reported in governmental funds as expenditures. However, in the

statement of activities, the cost of those assets is allocated over their estimated useful

lives as depreciation expense. This is the amount by which net capital outlays exceeded

loss on disposal of capital assets and depreciation.

Capital Outlay

81,585,229

Depreciation

(36,381,739)

Net Book Value of Disposed Assets

(1,357,583)

43,845,907

Some property taxes will not be collected for several months after the District's fiscal

year ends, they are not considered as "available" revenues in the governmental funds. This

amount represents the change in unavailable property tax revenue.

(795,941)

The issuance of long-term debt (e.g. bonds, leases) provides current financial resources to

governmental funds, while the repayment of the principal of long-term debt consumes

the current financial resources of governmental funds. Neither transaction, however,

has any effect on net position. Also, governmental funds report the effect of issuance

costs, premiums, discounts, and similar items when debt is first issued, whereas these

amounts are deferred and amortized in the statement of activities. This amount is the

net effect of these differences in the treatment of long-term debt and related items:

Principal Payments - General Obligation Bonds

55,360,000

Principal Lease Payments - Certificates of Participation

13,705,000

Change in Accreted Interest

(1,023,732)

Change in Accrued Interest

62,160

Principal Payments-Leases

1,357,013

Amortization of Bond Premium and Deferred Charges

5,040,057

74,500,498

In the statement of activities, certain operating expenses - compensated absences (sick

leave), pension benefits, special termination benefits (extended service severance) and

liability claims - are measured by the amounts earned during the year. In the governmental

funds, however, expenditures for these items are measured by the amount of financial

resources used or due (essentially, the amounts actually paid). This amount represents the

net effect of compensated absences, pension expense and claims payable on the statement

of activities:

Pension Income

263,451,759

Other Post Employment Benefit Income

3,814,445

Change in Compensated Absence

(90,857)

Change in Extended Service Severance

18,749

Liability Claims

(985,296)

266,208,800

Internal Service Funds are used by management to charge the cost of medical insurance

and short term disability to individual funds. The net revenue (expense) of the

Internal Service Funds are reported with governmental activities.

(3,441,221)

Change in net position of governmental activities

312,996,060

DOUGLAS COUNTY SCHOOL DISTRICT RE. 1

Reconciliation of the Statement of Revenues, Expenditures

and Changes in Fund Balances of Governmental Funds to the Statement of Activities

For the Fiscal Year Ended June 30, 2022

See accompanying notes to the financial statements

Governmental

Activities

Internal Service

Funds

ASSETS

Current Assets:

Cash and Investments

4,923,020

Prepaid Costs

969,549

Total Assets

5,892,569

LIABILITIES

Current Liabilities:

Accounts Payable

200,336

Accrued Insurance Claims

4,564,400

Total Liabilities

4,764,736

NET POSITION

Unrestricted

1,127,833

Total Net Position

1,127,833

Total Liabilities and Net Position

5,892,569

DOUGLAS COUNTY SCHOOL DISTRICT RE. 1

Proprietary Funds

Statement of Net Position

June 30, 2022

See accompanying notes to the financial statements

Governmental

Activities

Internal Service

Funds

OPERATING

REVENUES

Premium Revenue

51,294,306

Other

9,490

Total Operating Revenues

51,303,796

OPERATING

EXPENSES

Insurance and Claims

53,464,996

Salaries and Benefits

42,180

Purchased Services

1,221,965

Other

28,816

Total Operating Expenses

54,757,957

OPERATING LOSS

(3,454,161)

NON-OPERATING REVENUES

Investment Earnings

12,940

Total Non-Operating Revenues

12,940

CHANGE IN NET POSITION

(3,441,221)

NET POSITION, Beginning

4,569,054

NET POSITION, Ending

1,127,833

DOUGLAS COUNTY SCHOOL DISTRICT RE. 1

Proprietary Funds

Statement of Revenues, Expenses and Changes in Net Position

For the Fiscal Year Ended June 30, 2022

See accompanying notes to the financial statements

Governmental

Activities

Internal Service

Funds

CASH FLOWS FROM OPERATING ACTIVITIES:

Receipts from Customers

53,446,334

Payments to Suppliers

(54,539,321)

Payments to Employees

(42,180)

Net Cash (Used by) Operating Activities

(1,135,167)

CASH FLOWS FROM INVESTING ACTIVITIES:

Earnings on Investments

12,940

NET DECREASE IN CASH AND CASH EQUIVALENTS

(1,122,227)

CASH AND CASH EQUIVALENTS, Beginning

6,045,247

CASH AND CASH EQUIVALENTS, Ending

4,923,020

RECONCILIATION OF OPERATING LOSS TO

NET CASH PROVIDED TO (USED BY) OPERATING ACTIVITIES:

Operating Loss

(3,454,161)

Changes in Assets and Liabilities:

Change in Prepaid Costs

2,138,883

Change in Accounts Receivable

3,655

Change in Accounts Payable

199,656

Change in Accrued Insurance Claims

(23,200)

Total Adjustments

2,318,994

NET CASH (USED BY) OPERATING ACTIVITIES

(1,135,167)

DOUGLAS COUNTY SCHOOL DISTRICT RE. 1

Proprietary Funds

Statement of Cash Flows

For the Fiscal Year Ended June 30, 2022

See accompanying notes to the financial statements

Private Purpose

Trust Scholarship

ASSETS

Cash and Investments

32,879

Total Assets

32,879

NET POSITION

Held in Trust for Scholarships

32,879

Total Net Position

32,879

DOUGLAS COUNTY SCHOOL DISTRICT RE. 1

Fiduciary Funds

June 30, 2022

Statement of Fiduciary Net Position

See accompanying notes to the financial statements

Private Purpose

Trust Scholarship

ADDITIONS

Contributions

48,000

Total Additions

48,000

DEDUCTIONS

Grants and Scholarships

56,750

Total Deductions

56,750

CHANGE IN NET POSITION

(8,750)

NET POSITION, Beginning

41,629

NET POSITION, Ending

32,879

For the Fiscal Year Ended June 30, 2022

DOUGLAS COUNTY SCHOOL DISTRICT RE. 1

Statement of Changes in Fiduciary Net Position

Fiduciary Funds

NOTE 1:

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Reporting Entity

The Douglas County School District RE.1 (the District) is a political subdivision of the State of Colorado

governed by an elected seven-member board of education. The accompanying financial statements represent the

District and the component units for which the District is considered to be financially accountable. The discretely

presented component units are reported in a separate column in the government-wide financial statements to

emphasize they are legally separate from the District.

Discretely Presented Component Units

- The District’s charter schools consist of seventeen separately author-

ized charters: Academy Charter School, American Academy, Aspen View Academy, Ben Franklin Academy,

Challenge to Excellence Charter School, DCS Montessori Charter School, Global Village Academy-Douglas

County, HOPE Online Learning Academy Co-Op, Leman Classical Academy, North Star Academy, Parker Core

Knowledge, Parker Performing Arts School, Platte River Academy, Renaissance Secondary School, SkyView

Academy, STEM School and Academy, and World Compass Academy.

Charter schools are public schools authorized by the District to provide educational alternatives for parents,

pupils and teachers. The schools have separate governing boards, but are fiscally dependent on the District for the

majority of funding, and their exclusion would render the District’s financial statements incomplete.

Charter

schools are considered discretely presented component units for external financial reporting purposes. The

District considers each of the component units to be non-major component units because none of the schools

individually have a financial relationship with the District that is significant enough to require separate reporting

within the basic financial statements. Combining schedules are included within the supplementary section of this

annual comprehensive financial report. The charter schools report within their reporting entities various

foundations formed for fundraising or debt administration. Separate financial statements for all charter schools

are available at each school location and online.

Joint Venture (Parker Joint Service Facility)

- In September 1991, the District and the South Metro Fire

Rescue (South Metro) entered into a joint venture agreement for the construction and operation of a

transportation facility (the Facility). Currently, the District acts in the capacity of administrator under the joint

control of the District Board and the governing body of South Metro. The District share of operating costs for the

Facility is 45 percent.

The Facility is solely responsible for transportation operations, maintenance and services of the District and

South Metro. The Facility is funded through the budgetary process of both parties to the joint venture in

proportion to their respective shares and anticipated usage. The District records operating payments for

transportation operations and usage as transportation expenditures in the Combined General Fund. The District

does not have an equity interest in the Facility; therefore, it is not reflected within the basic financial statements

as an investment. Separate financial statements for this joint venture can be obtained at its office; 17801 East

Plaza Drive, Parker, Colorado.

Government-wide and Fund Financial Statements

The government-wide financial statements (i.e., Statement of Net Position and Statement of Activities) report

information on all the non-custodial activities of the primary government and its component units. For the most

part, the effect of interfund activity has been removed from these statements. Exceptions to this general rule are

charges for interfund services which are reasonably equivalent to the services provided to external organizations.

Governmental activities, which normally are supported by taxes and intergovernmental revenues, are reported

separately from business-type activities, which rely to a significant extent on fees and

charges for support.

Likewise, the primary government is reported separately from certain legally separate component units for which

the primary government is financially accountable. The District does not report any business-type activities.

DOUGLAS COUNTY SCHOOL DISTRICT RE. 1

NOTES TO THE FINANCIAL STATEMENTS

June 30, 2022

DOUGLAS COUNTY SCHOOL DISTRICT RE. 1

NOTES TO THE FINANCIAL STATEMENTS

June 30, 2022

NOTE 1:

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Government-wide and Fund Financial Statements (Continued)

The Statement of Activities demonstrates the degree to which the direct expenses of the given function or

segment is offset by program revenues. Direct expenses are those that are clearly identifiable with a specific

function or segment. Program revenues include charges to students or other customers who purchase, use, or

directly benefit from goods, services, or privileges provided by a given function or segment and grants and

contributions that are restricted to meeting the operational or capital requirements of a particular function or

segment. Taxes and other items not included among program revenues are reported instead as general

revenues. Internally dedicated resources are reported as general revenues rather than as program revenues. The

District does not allocate indirect expenses.

Separate financial statements are provided for governmental funds, proprietary funds, and the custodial fund

even though the latter is excluded from the District government-wide financial statements. Major individual

governmental funds are reported in separate columns in the fund financial statements.

Measurement Focus, Basis of Accounting, and Financial Statement Presentation

The financial statements of the District have been prepared in conformity with accounting principles generally

accepted in the United States of America, as applied to governmental units. The Governmental Accounting

Standards Board (GASB) is the accepted standard-setting body for establishing governmental accounting and

financial reporting principles.

The government-wide financial statements are reported using the

economic resources measurement focus

and

the

accrual basis of accounting

, as are the proprietary and custodial fund financial statements. Revenues are

recorded when earned, and expenses are recorded when a liability is incurred, regardless of the timing of

related cash flows. Property taxes are recognized as revenues in the year for which they are levied. Grants and

similar items are recognized as revenue as soon as all eligibility requirements imposed by the provider have

been met.

Governmental fund financial statements are reported using the

current financial resources

measurement focus

and the

modified accrual basis

of accounting. Revenues are recognized as soon as they are both measurable

and available. Revenues are considered to be

available

when they are collected within the current period or

soon enough thereafter to pay liabilities of the current period. For this purpose, the District considers revenues

to be available if they are collected within 60 days of the end of the current fiscal period, except grant

revenues which are considered to be available if they are collected within 90 days. Property taxes, specific

ownership taxes, grants, and interest associated with the current fiscal period are all considered to be

susceptible to accrual and have been recognized as revenues of the current fiscal period. All other revenue

items are considered to be measurable and available only when cash is received by the District.

Expenditures generally are recorded when a liability is incurred, as under accrual accounting. Alternatively,

debt service and lease payment expenditures, as well as expenditures related to compensated absences and risk

management claims, are recorded only when payment is due.

Proprietary funds distinguish operating revenues and expenses from non-operating items. Operating revenues

and expenses generally result from providing services and producing and delivering goods in connection with

a proprietary fund’s principal ongoing operations. The principal operating revenues of the District’s internal

service funds are charges to customers for services. Operating expenses for internal service funds include the

cost of sales and services and administrative expenses. All revenues and expenses not meeting this definition

are reported as non-operating revenues and expenses.

The District reports the following major and non-major governmental funds:

Major Governmental Funds:

The

Combined General Fund

is the District’s primary operating fund. It accounts for all

financial resources of the District except those required to be accounted for in another fund.

The Capital Projects Fund has been included in the Combined General Fund as most

resources come from a general fund transfer.

NOTE 1:

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Measurement Focus, Basis of Accounting, and Financial Statement Presentation (Continued)

The

Governmental Designated Purpose Grants Fund

accounts for financial activities associated with

most of its State and Federal grants.

The

Bond Redemption Fund

accounts for the resources accumulated and payments made for principal

and interest on long-term general obligation debt of governmental funds.

The

Building Fund

accounts for only the acquisition and construction of major capital facilities and

equipment funded by the sale of general obligation bonds.

Non-major governmental funds:

The

Nutrition Services National School Lunch Program Fund (NSLP)

accounts for the financial

resources that are restricted for activities associated with the District’s USDA Child Nutrition

Programs. During the 2021-2022 school year, due to USDA waivers allowing students the

opportunity to eat for free, all schools were moved into the Child Nutrition Program.

The

Student Activities Fund

accounts for the financial resources restricted for the non-Colorado High

School Activities Association (CHSSA) student activities programs.

The

Athletics and Activities Fund

accounts for the financial resources restricted for activities

associated with athletics and other CHSSA governed programs.

The

Nutrition Services Non-National School Lunch Program Fund (Non-NSLP),

accounts for the

activities restricted for the District’s school lunch programs not funded by the National School Lunch

Program (high schools, one charter school, and one private school catering contract). During the 2021

-2022 school year, due to USDA waivers allowing students the opportunity to eat for free, all schools

were moved into the Child Nutrition Program.

The

Child Care Fund,

known as B.A.S.E. (Before and After School Enterprise), accounts for the

financial resources that are restricted for activities associated with the District’s tuition based child

care programs. There are presently 43 elementary B.A.S.E. programs and 3 Pre-K B.A.S.E. programs.

The

Certificates of Participation (COP) Lease Payment Fund

accounts for the yearly appropriated

resources required to meet the principal and interest payments scheduled for outstanding certificates

of participation.

The District reports the following other fund types:

The

Medical Fund, an internal service fund,

accounts for health activities associated with a self-

funded health insurance plan, a fully insured Kaiser option, as well as other employee health benefits

including dental and vision.

The

Short Term Disability Fund, an internal service fund,

accounts for short term disability activities

associated with a self-funded disability insurance plan.

The

Private-Purpose Trust Scholarship Fund, a private-purpose trust fund,

accounts for the activities

of various scholarship accounts. Trust funds are used to account for assets held by the District under a

trust agreement for individuals, private organizations, and other governments and are therefore not

available to support the District’s own programs.

DOUGLAS COUNTY SCHOOL DISTRICT RE. 1

NOTES TO THE FINANCIAL STATEMENTS

June 30, 2022

NOTE 1:

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Assets, Liabilities, Deferred Inflows/Outflows of Resources, and Net Position or Fund Balance

Cash and Investments

The pooled cash concept is used whereby cash balances of each of the District funds are pooled and invested

in certain investments. All pooled cash investment income is allocated to the General Fund.

The following are

considered to be cash and cash equivalents: cash on hand, cash in the bank, and highly liquid investments

which have a maturity of three months or less when purchased or which are subject to withdrawal.

As of June 30, 2022, the District invested in Colorado Statewide Investment Pool (CSIP) and Colorado

Surplus Asset Fund (CSafe), both external investment pools. The District also invests proceeds from the 2019

bonds in various U.S. Treasury Notes, Federal Agency Bond Notes, Corporate Notes, Agency Bond and

Certificates of Deposit. CSIP Term funds are reported at Net Asset Value (NAV). CSafe and CSIP Local

Government Investment Pool (LGIP) funds are reported at amortized cost. All other securities are recorded at

fair value.

Fair Value Measurement and Application

The District adopted GASB 72,

Fair Value Measurement and Application,

which addresses accounting and

financial reporting issues related to fair value measurements. The fair value is the price that would be received

by the District to sell an asset or paid by the District to transfer a liability in an orderly transaction between

market participants at the measurement date. The fair value measurement for financial reporting at the fiscal

year ended June 30, 2022 and the application used is determined by a hierarchy of one of three levels. Level

one is the most reliable and is quoted prices in active markets for identical assets or liabilities, level two is

reliable and consists of quoted prices for similar assets or liabilities, other observable inputs, interest rates,

credit spreads, condition of the asset, activity level of markets for observable input, and level three is least

reliable which is based on unobservable inputs. All donated assets are measured at the estimated acquisition

value.

Receivables and Payables

Activity between funds that is representative of lending/borrowing arrangements outstanding at the end of the

fiscal year is referred to as either

due to

due from other funds

(i.e., the current portion of interfund loans).

Property taxes are levied on December 15. Property taxes are payable in full by April 30, or in two equal

installments due February 28 and June 15. The County bills and collects property taxes for all taxing districts

within the County. Property tax receipts are remitted to the District in the subsequent month. Delinquent

property taxes are subject to sale of tax certificates in the following November. Property taxes levied in the

current year but not received at year-end are identified as

property taxes, net of allowance for uncollectible

taxes

. Any taxes not collected within 60 days after year-end are recorded as a

deferred inflow of resources

the governmental fund financial statements.

Specific ownership taxes are collected by the County for motor vehicles registered in the District’s assessment

area. Tax receipts collected by the County are remitted to the District in the subsequent month. Specific

ownership taxes are recorded as receivables and revenues when collected by the County.

Inventories and Prepaid Costs

All inventories are valued at cost using the average cost method. Inventories of governmental funds are

recorded as expenditures when consumed rather than when purchased. Certain payments to vendors reflect

costs

applicable to future accounting periods and are recorded as prepaid costs in both government-wide and

fund financial statements. The District records prepaid costs using the

purchase method.

Restricted Assets

The District and its component units restrict cash and investments representing debt service reserves and

unspent bond proceeds.

DOUGLAS COUNTY SCHOOL DISTRICT RE. 1

NOTES TO THE FINANCIAL STATEMENTS

June 30, 2022

NOTE 1:

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Assets, Liabilities, Deferred Inflows/Outflows of Resources, and Net Position or Fund Balance

(Continued)

Capital Assets

Capital assets, which include property and equipment, are reported in the governmental activities column in

the government-wide financial statements. Capital assets are defined by the District as assets with an

individual or aggregate cost of $5,000 or more and an estimated useful life in excess of one year. Such assets

are

recorded at historical cost, or estimated historical cost, if purchased or constructed. Donated capital

assets are recorded at estimated acquisition value at the date of donation.

The costs of normal maintenance and repairs that do not add to the value of the asset or materially extend asset

life are not capitalized.

First year depreciation is calculated at one-half year regardless of the purchase date. Property and equipment

of the District, as well as the component units, are depreciated using the straight-line method over the

following estimated useful lives:

Unearned Revenue

Unearned revenue in the government-wide and the fund financial statements consists primarily of unearned

tuition, fees, grants, or prepaid student lunch accounts.

Deferred Outflows/Inflows of Resources

In addition to assets, the statement of financial position will sometimes report a separate section for deferred

outflows of resources. This separate financial statement element,

deferred outflows of resources,

represents a

consumption of net assets that applies to a future period(s) and so will

not

be recognized as an outflow of

resources (expense/expenditure) until then. The District has three items that qualify for reporting in this

category. The first is the deferred charge on refunding which results from the difference in the carrying value

of the refunded debt and its reacquisition price. This amount is deferred and amortized over the shorter of the

life of the refunded or refunding debt. The second is shown as pension-related amounts and includes items

related to the District’s portion of the Colorado Public Employees Retirement Association (PERA) benefit

plan. This includes the difference between expected and actual experience, any changes of assumptions or

other inputs, and the net difference between projected and actual investment earnings on pension plan

investments. Additional information on pension-related amounts is included in Note 10. The third amount is

shown as other post-employment benefit (OPEB) related amounts and includes items related to the District’s

portion of the Health Care Trust Fund administered by PERA. This includes the difference between expected

and actual experience, any changes of assumptions or other inputs, and the net difference between projected

and actual investment earnings on OPEB plan investments. Additional information on OPEB-related amounts

is included in Note 11.

DOUGLAS COUNTY SCHOOL DISTRICT RE. 1

NOTES TO THE FINANCIAL STATEMENTS

June 30, 2022

Asset

Years

Buildings

Building Improvements

20-40

Land Improvements

5-20

Portable Classrooms

Vehicles

Office Equipment

7-10

Computer Equipment

NOTE 1:

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Assets, Liabilities, Deferred Inflows/Outflows of Resources, and Net Position or Fund Balance

(Continued)

In addition to liabilities, the balance sheet will sometimes report a separate section for deferred inflows of

resources.

This separate financial statement element

, deferred inflows of resources

, represents an acquisition

of net assets that applies to a future period(s) and so will

not

be recognized as an inflow of resources (revenue)

until that time.

The District has four items that qualify for reporting in this category.

Accordingly, the items

unavailable revenue

, is reported in the governmental funds balance sheet as unavailable revenues from

property taxes.

These amounts are

deferred and recognized as an inflow of resources in the period that the

amounts become available.

The other item included in this category is the pension-related amounts and

includes items related to the District’s portion of the Colorado Public Employees Retirement Association

(PERA) benefit plan. This includes the difference between expected and actual experience, any changes of

assumptions or other inputs, and the net difference between projected and actual investment earnings on

pension plan investments. Additional information on pension-related amounts is included in Note 10. The third

amount is shown as other post-employment benefit (OPEB) related amounts and includes items related to the

District’s portion of the Health Care Trust Fund administered by PERA. This includes the difference between

expected and actual experience, any changes of assumptions or other inputs, and the net difference between

projected and actual investment earnings on OPEB plan investments. Additional information on OPEB-related

amounts is included in Note 11. The fourth amount is shown as resources for leases. This amount is deferred

and amortized using the effective interest rate method.

Compensated Absences

It is District policy to permit employees to accumulate earned but unused sick pay benefits. Unused sick leave

is paid to employees, up to a maximum of 130 days, upon termination after completing ten years of service.

Vacation time must be used the same fiscal year it is earned. The current and long-term liabilities for sick time

are accrued when earned in the government-wide financial statements. A liability for these amounts is reported

in the governmental funds only if they have matured.

Long-term Obligations

In the government-wide financial statements, long-term debt and other long-term obligations are reported as

liabilities in the applicable governmental activities statement of net position. Bond premiums and discounts are

deferred and amortized using the effective interest method. Bond issuance costs are expensed in the year they

are incurred.

In the fund financial statements, governmental fund types recognize bond premiums and discounts, as well as

bond issuance costs, during the current period. The face amount of debt issued is reported as other financing

sources. Premiums received on debt issuances are reported as other financing sources while discounts on debt

issuances are reported as other financing uses. Issuance costs, whether or not withheld from the actual debt

proceeds received, are reported as expenditures in the year they are incurred.

Fund Balance/Net Position

In the fund financial statements, governmental funds report the following classification of fund balance:

Nonspendable -

includes amounts that cannot be spent because they are either not spendable in form - such

as inventories - or are legally or contractually required to be maintained intact.

Restricted -

includes amounts restricted by external sources (creditors, laws of other governments, etc.) or

by constitutional provision such as Colorado TABOR or enabling legislation. Other balances include

Medicaid and National School Lunch Program grant restricted funds as well as bond redemption and

building fund balances.

Committed -

includes amounts that can only be used for specific purposes. Committed fund balance is

reported pursuant to resolutions passed by the Board of Education, the District’s highest level of decision

making authority. Fund balance of the District may be committed for a specific source by formal action of

the Board of Education. Amendments or modifications of the committed fund balance must also be

approved by formal action of the Board of Education.

DOUGLAS COUNTY SCHOOL DISTRICT RE. 1

NOTES TO THE FINANCIAL STATEMENTS

June 30, 2022

DOUGLAS COUNTY SCHOOL DISTRICT RE. 1

NOTES TO THE FINANCIAL STATEMENTS

June 30, 2022

NOTE 1:

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Assets, Liabilities, Deferred Inflows/Outflows of Resources, and Net Position or Fund Balance (Continued)

Fund Balance/Net Position (Continued)

Assigned -

includes amounts the District intends to use for a specific purpose, but do not meet the definition

of restricted fund balance. Under the District’s adopted policy, the Board delegates authority to the

Superintendent or the Chief Financial Officer to determine these assignments.

Unassigned -

includes all other spendable amounts and negative fund balances in other governmental funds.

In circumstances where an expenditure is to be made for a purpose for which amounts are available in multiple

fund balance classifications, the order in which resources will be expended is as follows: restricted fund balance,

committed fund balance, assigned fund balance, and lastly, unassigned fund balance.

Net position represents the difference between assets and deferred outflows of resources and liabilities and

deferred inflows of resources. Net investment in capital assets of $423,650,011 consists of capital assets, net of

accumulated depreciation, reduced by the outstanding balances of any borrowing used for the acquisition or

construction of improvements on those assets, excluding unspent bond and COP proceeds. Net position is

reported as restricted when there are limitations imposed on their use, either through the enabling legislation

adopted by the District or through external restrictions imposed by creditors, grantors, laws or regulations of

other governments. As of June 30, 2022, the District has $17,561,600 and the charter schools have $5,286,335,

restricted for TABOR emergency reserves.

Pensions

The District participates in the School Division Trust Fund (SCHDTF), a cost-sharing multiple-employer

defined benefit pension fund administered by the Public Employees’ Retirement Association of Colorado

(PERA). The net pension liability (NPL), deferred outflows of resources, and deferred inflows of resources

related to pensions, pension expense, information about the fiduciary net position (FNP), and additions to/

deductions from the FNP of the SCHDTF have been determined using the economic resources measurement

focus and the accrual basis of accounting. For this purpose, benefit payments (including refunds of employee

contributions) are recognized when due and/or payable in accordance with the benefit terms. Investments are

reported at fair value.

Deferred Benefit Other Post Employment Benefit (OPEB) Plan

The District participates in the Health Care Trust Fund (HCTF), a cost-sharing multiple-employer defined benefit

OPEB fund administered by the Public Employees’ Retirement Association of Colorado (PERA). The net OPEB

liability, deferred outflows of resources and deferred inflows of resources related to OPEB, OPEB expense,

information about the FNP, and additions to/deductions from the FNP of the HCTF have been determined using

the economic resources measurement focus and the accrual basis of accounting. For this purpose, benefits paid

on behalf of health care participants are recognized when due and/or payable in accordance with the benefit

terms. Investments are reported at fair value.

Adoption of New Accounting Standards - GASB Statement No. 87, Leases

In June 2017, the GASB issued GASB Statement No. 87, Leases. This standard requires the recognition of

certain lease assets and liabilities for leases that previously were classified as operating leases and as inflows of

resources or outflows of resources recognized based on the payment provisions of the contract. It

establishes a single model for lease accounting based on the foundational principle that leases are financings of

the right to use an underlying asset. Under this standard, a lessee is required to recognize a lease liability and an

intangible right-to-use lease asset, and a lessor is required to recognize a lease receivable and a deferred inflow of

resources.

The District adopted the requirements of the guidance effective July 1, 2021 and has applied the provisions of

this standard to the beginning of the earliest comparative period presented.

NOTE 2:

DEPOSITS AND INVESTMENTS

At June 30, 2022, deposits and investments were reported in the financial statements as follows:

* Governmental Activities include Governmental Funds and the Internal Service Funds.

Cash and investments at June 30, 2022, consisted of the following:

Deposits

Federal Deposit Insurance Corporation (FDIC) coverage for government accounts is $250,000 per official

custodian. The Colorado Public Deposit Protection Act (PDPA) requires that all units of local government

deposit cash in eligible public depositories. Eligibility is determined by State statutes. The State regulatory

commissioners regulate the eligible public depositories. Amounts on deposit in excess of federal insurance

levels must be collateralized by eligible collateral as determined by the PDPA.

PDPA allows the financial institution to create a single collateral pool for all public funds held. The pool is to

be maintained by another institution, or held in trust for all the uninsured public deposits as a group. The fair

value of the collateral must be equal to at least 102 percent of the uninsured deposits. At June 30, 2022, the

District bank deposits were covered by FDIC Insurance or fell under the provisions of PDPA.

Investments

The District is required to comply with State statutes which specify investment instruments meeting defined

rating, maturity, and concentration risk criteria in which local governments may invest, which include:

United States treasury obligations and certain U.S. agency securities

Corporate bonds

Mutual bonds

Short term certificates of deposit

Bankers' acceptances of certain banks

Commercial paper

Repurchase agreements

Certain money market funds

Guaranteed investment contracts

Local government investment pools

DOUGLAS COUNTY SCHOOL DISTRICT RE. 1

NOTES TO THE FINANCIAL STATEMENTS

June 30, 2022

Governmental Activities *

343,270,425

Private Purpose Trust Scholarship

32,879

Total

343,303,304

Deposits

4,713,681

Cash on Hand

40,875

Investments

338,548,748

Tota

343,303,304

THE REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK

NOTE 2:

DEPOSITS AND INVESTMENTS (Continued)

Investments (Continued)

The District’s investment policy does not further restrict its investment options.

At June 30, 2022, the District had the following investments:

Local Government Investment Pools

(LGIP) - At June 30, 2022, the District had dollars invested in local

government investment pools with $218,298,537 invested in Colorado Statewide Investment Program (CSIP).

Term investments are measured at Net Asset Value (NAV) and LGIP investments are measured at amortized cost.

CSIP is a statutory trust organized and existing under the laws of the State of Colorado intended solely for the use

of Colorado local governments. Investments of the trust are limited to those allowed by State statutes. The

District also had $20,535,935 invested in the Colorado Surplus Asset Fund (CSafe) at June 30, 2022. CSafe is

similar to a money market fund, with each share valued at $1.00 and is measured at amortized cost. The State

Securities Commissioner administers and enforces all state statutes governing CSafe.

CSIP is a statutory trust organized and existing under the laws of the State of Colorado intended solely for the use

of Colorado local governments. Investments of the trust are limited to those allowed by State statutes. CSIP’s sole

purpose is to serve government entities in Colorado to meet their daily cash management needs with an emphasis

on 1) safety, 2) liquidity, 3) transparency and 4) competitive yields. CSIP is a local government investment pool

trust fund organized under C.R.S. § 24-75-701,

et seq

., registered as such with the

Colorado Securities

Commissioner pursuant to the Local Government Investment Pool Trust Fund Administration and Enforcement

Act, C.R.S. § 11-51-901,

et seq

. As such a trust, CSIP pools and invests the funds of Colorado local government

participants within the investment policies and limitations set forth in CSIP’s Indenture of Trust and C.R.S. § 24-

75-601,

et seq

. Participants include municipalities, counties, school

districts and special districts.

CSIP offers two investment options, 1) CSIP Liquid Portfolio and 2) CSIP Term Portfolio. The CSIP Liquid

Portfolio is a fully liquid, variable rate investment option, rated AAAm by Standard and Poor’s. There are no

unfunded commitments, the redemption frequency is daily and there is a one-day redemption notice. The CSIP

Term Portfolio offers the ability for participants to invest in shares of fixed-rate, fixed-term investments, rated

AAAf by Fitch Ratings.

There are no unfunded commitments, the redemption period is planned at maturity, and

the redemption period is a sixty-day minimum and one-year maximum.

Custodial Credit Risk

- There is the risk that, in the event of the failure of the counterparty, the District will not be

able to recover the value of its investments or collateral securities that are in the possession of an outside party.

None of the District’s investments are subject to custodial risk.

Interest Rate Risk

- State statutes limit investments in U.S. Agency securities to an original maturity of five years,

unless the governing board authorizes the investment for a period in excess of five years.

Credit Risk

- State statutes limit investments in U.S. Agency securities to the highest rating issued by nationally

recognized statistical rating organizations (NRSROs).

The District’s investment policy and State statutes limit investments in money market funds to those with the

highest rating issued by NRSROs and with a constant share price, or to money market funds that invest only in

specified securities.

DOUGLAS COUNTY SCHOOL DISTRICT RE. 1

NOTES TO THE FINANCIAL STATEMENTS

June 30, 2022

Investment Type

S&P/Fitch

Ratings

Amortized

Cos t

Net Asset

Value

Fair Value

Total

12 Months or

less

13-24

Months

25-60

Months

CSafe Funds

AAAm

20,535,935

CSIP LGIP

AAAm

218,298,537

CSIP Term

AAAf

66,000,000

US Treasury Note

AA+

7,957,118

Federal Agency Bond/Note

AA+

23,012,241

Agency Bond/Note

AAA

528,660

Commercial Paper

A-1/A-1+

2,216,257

Total

238,834,472

66,000,000

33,714,276

338,548,748

307,050,729

31,498,019

Investment Maturities (In Years)

NOTE 2:

DEPOSITS AND INVESTMENTS (Continued)

Investments (continued)

Concentration of Credit Risk

- State statutes and the District’s investment policy do not limit the amount the

District may invest in one issuer

As of June 30, 2022, the investments of Fannie Mae Notes $21,153,846,

Credit Sunrise New York Commercial Paper $2,216,257 and Freddie Mac Notes $1,858,395 individually

garner greater than five percent of total investments.

Fair Value

The District categorizes its fair value measurements within the fair value hierarchy established by generally

accepted accounting principles. The hierarchy is based on the valuation inputs used to measure the fair value

of the asset. Level 1 inputs are quoted prices in active markets for identical assets; Level 2 inputs are valued

using a matrix pricing technique. Matrix pricing is used to value securities based on the securities’ relationship

to benchmark quoted process; Level 3 inputs are significant unobservable inputs.

The District has the following fair value measurements as of June 30, 2022:

NOTE 3:

INTERFUND BALANCES AND TRANSFERS

Interfund balances are created when there is a liability of one fund due to another fund. Interfund balances for

the year ended June 30, 2022, were composed of the following:

Interfund balances result from the time lag between the dates that (1) interfund goods and services are

provided or reimbursable expenditures occur, (2) transactions are recorded in the allocating system, and (3)

payments between funds are made. The interfund receivables and payables are expected to be collected/paid in

the subsequent year.

Transfers are used to move revenues from the fund that collects them to specific programs accounted for in

other funds in accordance with budget authorization. Transferred funds are without recourse. Transfers during

the fiscal year ended June 30, 2022 were as follows:

All transfers were made from the General Fund to support the operations of various other funds that statute or

budget requires to expend them.

DOUGLAS COUNTY SCHOOL DISTRICT RE. 1

NOTES TO THE FINANCIAL STATEMENTS

June 30, 2022

Transfers From

Transfers To

Amount

General Fund

Nutrition Services NSLP Fund

445,352

General Fund

Child Care Fund

2,262,045

General Fund

COP Lease Payment Fund

2,746,228

General Fund

Athletics & Activities Fund

4,395,546

Total

9,849,171

Investment by fair value level:

June 30, 2022

Level 1

Level 2

Level 3

US Treasury Notes

7,957,118

Federal Agency Bond/Note

23,012,241

Agency Bond/Note

528,660

Commercial Paper

2,216,257

Total Investments by fair value level

33,714,276

Due From

Due To

Amount

Governmental Designated Grants Fund

General Fund

2,350,269

Outdoor Education Fund

General Fund

89,445

DOUGLAS COUNTY SCHOOL DISTRICT RE. 1

NOTES TO THE FINANCIAL STATEMENTS

June 30, 2022

NOTE 4:

LEASE RECEIVABLES

A summary of the District’s lease terms and interest rates are as follows:

Governmental Activities:

Total future minimum lease payments to be received under lease agreements are as follows:

During the year ended June 30, 2022, the District recognized $35,123 in lease revenue and $21,802 in interest

revenue.

The District entered into a lease with Arapahoe Community College beginning July 1, 2022. Monthly payments

including interest at 4.5% ranging from $2,115 to $11,362 due the first day of each month. The final payment is

due June 2042.

NOTE 5:

CAPITAL ASSETS

Capital Asset activity for the year ended June 30, 2022 was as follows:

Year Ending June 30,

Principal

Interest

Total

2023

105,687

66,847

172,534

2024

77,450

41,730

119,180

2025

85,047

37,858

122,905

2026

93,051

33,736

126,787

2027

101,453

29,232

130,685

2028-2032

572,765

64,656

637,421

Total Minimum Lease Payments

1,035,453

274,059

1,309,512

Governmental Activities

Building and educational space lease with University of Colorado

beginning December 2021. Monthly payments including interest at

4.5% ranging from $9,487 to $12,438

due the first day of each

month. The final payment is due December 2031.

1,035,453

June 30, 2021

Additions

Deletions

Transfers

June 30, 2022

Governmental Activities

Land

13,310,241

Construction in Progress (CIP)

107,732,299

78,610,698

(54,550,568)

131,792,429

Total Capital Assets

121,042,540

78,610,698

(54,550,568)

145,102,670

(Not Depreciated)

Buildings and Improvements

982,073,335

113,244

(2,468,473)

48,385,475

1,028,103,581

Building - Lease Assets

20,775,720

Land Improvements

8,435,621

326,450

(6,860)

2,675,369

11,430,580

Machinery and Equipment

114,072,228

2,534,837

(14,955,169)

3,489,724

105,141,620

Total Depreciable Capital Assets

1,125,356,904

2,974,531

(17,430,502)

54,550,568

1,165,451,501

Accumulated Depreciation/Amortization:

Building and Improvements

(405,043,376)

(23,158,778)

1,389,011

(426,813,143)

Building - Lease Assets

(4,220,228)

(1,211,832)

(5,432,060)

Land Improvements

(2,235,485)

(1,449,985)

4,116

(3,681,354)

Machinery and Equipment

(75,783,000)

(10,561,144)

14,679,792

(71,664,352)

Total Accumulated Depreciation/Amortization

(487,282,089)

(36,381,739)

16,072,919

(507,590,909)

Net Depreciated/Amortized Capital Assets

638,074,815

(33,407,208)

(1,357,583)

54,550,568

657,860,592

Net Capital Assets with

Land and CIP

759,117,355

45,203,490

(1,357,583)

802,963,262

DOUGLAS COUNTY SCHOOL DISTRICT RE. 1

NOTES TO THE FINANCIAL STATEMENTS

June 30, 2022

NOTE 5:

CAPITAL ASSETS (Continued)

As a result of implementation of GASB No. 87 (GASB 87),

Leases

, $7,602,572 in lease assets for leases of

buildings has been added to the beginning balance presented in the previous table. As these leases are offset

by an equal amount of lease liabilities, the District does not report a restatement of beginning net position for

the implementation of GASB 87. Building assets of $13,173,148 and related accumulated of $4,220,228 was

transferred to the lease asset building classifications as a result of implementation of GASB 87.

For the year ended June 30, 2022, depreciation/amortization expense was charged to functions of the District

as follows:

Certain charter schools made slight adjustments to beginning balances and classifications, see Restatement of

Fund Balance, Note 13 for further information. In addition, certain charter schools implemented GASB 87

and as a result, $2,850,993 in leased assets have been added to the beginning balance. As these leases are

offset by an equal amount of lease liabilities, no restatement related to leases is reported.

NOTE 6:

ACCRUED COMPENSATION

Salaries and benefits of certain contractually employed personnel are paid over a 12-month period from

August to July, but are earned during a school year of approximately 9 to 10 months. Accordingly, the accrued

compensation is reflected as a liability of the respective funds in the accompanying financial statements. The

salaries and benefits earned but unpaid at June 30, 2022 are recorded in the funds as follows:

Accrued compensation for the charter schools as of June 30, 2022, is $4,841,141.

Governmental Activities:

Instruction

5,220,701

Supporting Services

31,161,038

Total

36,381,739

June 30, 2021

Additions

Deletions

June 30, 2022

Land

19,983,925

645,621

(22,952)

20,606,594

Construction in Progress (CIP)

9,297,021

6,375,912

(72,944)

15,599,989

29,280,946

7,021,533

(95,896)

36,206,583

Buildings and Improvements

260,105,598

6,907,918

(99,139)

266,914,377

Machinery and Equipment

5,901,439

163,899

6,065,338

Lease Equipment

3,987,067

Total Depreciable Capital Assets

269,994,104

7,071,817

(99,139)

276,966,782

Accumulated Depreciation:

Buildings and Improvements

(48,741,678)

(8,538,928)

29,745

(57,250,861)

Machinery and Equipment

(4,562,965)

(616,011)

1,982

(5,176,994)

Lease Equipment

(1,553,641)

(168,497)

(1,722,138)

(54,858,284)

(9,323,436)

31,727

(64,149,993)

215,135,820

(2,251,619)

(67,412)

212,816,789

Net Capital Assets with Land and CIP

244,416,766

4,769,914

(163,308)

249,023,372

Charter Schools

Total Capital Assets (Not Depreciated)

Total Accumulated Depreciation

Net Depreciated Capital Assets

Discretely Presented Component Units-

Governmental Activities

Combined General Fund

38,950,241

Governmental Designated Purpose Grant Fund

1,509,037

Non-major Governmental Funds

804,447

Total

41,263,725

NOTE 7:

LONG-TERM LIABILITIES

Long-term liabilities activity for the year ended June 30, 2022, is as follows:

As a result of implementation of GASB 87,

Leases

, $7,602,572 in lease liabilities for leases of buildings has been

added to the beginning balance presented above. As these leases are offset by an equal amount of lease assets, the

District does not report a restatement of beginning net position for the implementation of GASB 87.

General Obligation Bonds

The District issues general obligation (G.O.) bonds and certificates of participation (COP) to provide funds for the

acquisition and construction of major capital facilities. General obligation bonds are direct obligations and pledge the

full faith and credit of the District. The legal debt limit and debt margin as of June 30, 2022 are $1,627,980,522 and

$1,201,320,009, respectively. Management of the District believes it is in compliance with the legal debt

limits.

G.O. Bonds outstanding at June 30, 2022, consist of the following:

DOUGLAS COUNTY SCHOOL DISTRICT RE. 1

NOTES TO THE FINANCIAL STATEMENTS

June 30, 2022

Balance

Due Within

June 30, 2021

Additions

Reductions

June 30, 2022

One Year

Governmental Activities:

General Obligation Bonds

419,585,000

55,360,000

364,225,000

23,550,000

Certificates of Participation

22,385,000

13,705,000

8,680,000

800,000

Accreted Interest

2,379,722

1,023,732

3,403,454

(1,723,908)

Bond Premiums

50,892,604

10,409,969

40,482,635

5,252,977

Extended Service Severance

95,803

18,749

77,054

20,000

Leases

11,226,437

1,357,013

9,869,424

1,366,921

Compensated Absences

5,107,024

814,162

723,305

5,197,881

515,430

OPEB Liability

34,048,351

3,241,195

30,807,156

Net Pension Liability

936,328,834

299,578,148

636,750,686

Total

1,482,048,775

1,837,894

384,393,379

1,099,493,290

29,781,420

$87,310,000 G.O. Refunding Bonds, Series 2009; interest ranging from 2%

to 5.25% payable semiannually; principal payable annually beginning

December 2009. The final payment is due December 2025.

21,095,000

$70,995,000 G.O. Refunding Bonds, Series 2012; yielding 0.28% to 2.86%;

interest compounds semiannually; principal payable annually beginning

December 2015. The final payment is due December 2030.

66,255,000

$100,000 G.O. Capital Appreciation Bonds, Series 2012; yielding 3.2% to

3.35%; interest compounds semiannually; principal payable annually

beginning December of 2022. The final payment is due December 2023.

100,000

$31,020,000 G.O. Refunding Bonds, Series 2013, yielding 0.25% to 2.72%;

interest compounds semiannually; principal payable annually beginning

December 2013. The final payment is due December 2028.

29,615,000

$249,975,000 G.O. Bond, Series 2019, yielding 1.660% to 3.080%; interest

compounds

semiannually;

principal

payable

annually

beginning

December 2019. The final payment is due December 2038.

247,160,000

Total General Obligation Bonds

364,225,000

NOTE 7:

LONG-TERM LIABILITIES (Continued)

Certificates of Participation

Certificates of Participation (COP) obligations are satisfied using general operating funds. District buildings are

held as collateral on the debt.

Aspen View Charter School participated in the District’s 2012 COP issuance.

The charter school issued new debt in fiscal year 2020-2021 of which proceeds of over $12 million given to the

District and were shown in other financing sources on the District’s non-major governmental funds.

In the cur-

rent fiscal year those funds were placed into an irrevocable trust and used to payoff the charter’s portion of the

2012 COP.

The new refunding debt appears on the charter schools statements.

COPs outstanding at June 30, 2022, consist of the following:

Leases

The District leases certain assets from various third parties.

The assets leased include office space and

equipment.

Leases outstanding at June 30, 2022, consist of the following:

DOUGLAS COUNTY SCHOOL DISTRICT RE. 1

NOTES TO THE FINANCIAL STATEMENTS

June 30, 2022

$15,500,000 Certificates of Participation, Series 2012;

interest ranging from

2% to 3.5% payable semiannually; principal payable annually beginning

January 2016. The final payment is due January 2037.

775,000

$12,100,000 Refunding Certificates of Participation, Series 2016; interest

ranging from 2% to 4% payable semiannually; principal payable annually

beginning January 2017. The final payment is due January 2031.

7,905,000

Total Certificates of Participation

8,680,000

Office space lease at Inverness Parkway for eDCSD and District support

staff beginning July 1, 2021. Lease allows for two 5-7 year extensions of

which the District plans to utilize one of the extensions for 5 years. Monthly

payments including interest at 3.25% ranging from $41,054 to $62,669 due the

first day of each month.

The final payment is due November 2034.

6,200,816

Office space lease at Park Meadow Drive for Bridge programming beginning

July 2021.

Monthly payments including interest at 3.50% ranging from

$9,075 to $12,920 due the first day of each month. The finalpayment is due

June 2031.

1,020,177

Energy Performance lease beginning September 2016. Semi-annual payment

including

interest at 1.91% ranging

from $425,355 to $543,230 are due

beginning March 2017.

Final payment is due September 2027.

2,648,431

Total

Leases

9,869,424

NOTE 7:

LONG-TERM LIABILITIES (Continued)

Accreted Interest

Future Debt Service/Lease Obligations

The following schedule represents the District’s debt service and lease payment obligations to maturity for

outstanding bonded debt, registered coupons and certificates of participation and capital leases at June 30, 2022:

Certificates of Participation

THE REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK

DOUGLAS COUNTY SCHOOL DISTRICT RE. 1

NOTES TO THE FINANCIAL STATEMENTS

June 30, 2022

June 30,

Principal

Interest

Total

2023

23,550,000

18,982,388

42,532,388

2024

36,070,000

17,047,331

53,117,331

2025

39,760,000

13,233,831

52,993,831

2026

27,140,000

11,698,931

38,838,931

2027

30,650,000

10,401,375

41,051,375

2028-2032

105,065,000

33,386,625

138,451,625

2033-2037

69,715,000

15,548,275

85,263,275

2038-2042

32,275,000

1,633,375

33,908,375

Tota

364,225,00

121,932,131

486,157,131

Accreted compound interest on capital appreciation bonds, due and

payable upon final payment of each respective bond.

3,403,454

June 30,

Principal

Interest

Total

2023

800,000

317,925

1,117,925

2024

825,000

294,125

1,119,125

2025

850,000

269,375

1,119,375

2026

885,000

235,825

1,120,825

2027

915,000

200,875

1,115,875

2028-2032

4,100,000

431,306

4,531,306

2033-2037

305,000

32,763

337,763

Total

8,680,000

1,782,194

10,462,194

NOTE 7:

LONG-TERM LIABILITIES (Continued)

Future Debt Service/Lease Obligations (Continued)

Leases

Compensated Absences

Compensated absences are expected to be liquidated with revenues of the General Fund.

Extended Service Severance

During the 2012 fiscal year, the District initiated a phase out of an extended service severance benefit offered

within the Douglas County Federation of Teachers, division of American Federation of Teachers, certified

and classified contracts. Employees who were eligible to retire by June 30, 2012, June 30, 2013 and June 30,

2014 were eligible to take advantage of this benefit phase out. The total liability was calculated at about $6.2

million of which about $6.195 million was paid out in October of the past nine years (2012-2021) leaving a

liability of $77,054. This liability is reported in the government-wide financial statements only as none of it is

expected to be liquidated with expendable available financial resources.

DOUGLAS COUNTY SCHOOL DISTRICT RE. 1

NOTES TO THE FINANCIAL STATEMENTS

June 30, 2022

THE REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK

June 30,

Principal

Interest

Total

2023

1,366,921

225,488

1,592,409

2024

773,875

246,291

1,020,166

2025

835,138

227,339

1,062,477

2026

879,762

201,374

1,081,136

2027

926,464

177,018

1,103,482

2028-2032

3,477,220

535,950

4,013,170

2033-2035

1,610,044

61,863

1,671,907

Total

9,869,424

1,675,323

11,544,747

NOTE 7:

LONG-TERM LIABILITIES (Continued)

Charter School Long-term Liabilities

Charter school long-term liability activity for the year ended June 30, 2022 was as follows:

Charter School Leases and Loans

Colorado Educational and Cultural Facilities Authority (The Authority) has issued Charter School Revenue

Bonds on behalf of the Charter Schools. The Charter Schools make monthly payments to the Authority under

various lease agreements. Additionally, Charters lease various technology under a lease agreements. Minimum

lease payments to maturity for leases and loans are as follows:

DOUGLAS COUNTY SCHOOL DISTRICT RE. 1

NOTES TO THE FINANCIAL STATEMENTS

June 30, 2022

THE REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK

Balance

Due Within

Charter Schools:

June 30, 2021

Additions

Reductions

June 30, 2022

One Year

Loans

295,926,605

18,725,000

(5,575,076)

309,076,529

20,968,336

Leases

7,994,239

1,047,624

(1,678,453)

7,363,410

2,217,241

Discount

(1,344,982)

93,578

(1,251,404)

Premium

14,817,463

690,664

(661,802)

14,846,325

169,557

Compensated Absences

341,835

(68,748)

273,087

63,712

Total

317,735,160

20,463,288

(7,890,501)

330,307,947

23,418,846

June 30,

Principal

Interest

Total

2023

23,367,951

14,802,538

38,170,489

2024

5,621,264

13,859,210

19,480,474

2025

5,951,162

13,635,110

19,586,272

2026

6,305,452

13,392,698

19,698,150

2027

13,800,358

12,879,728

26,680,086

2028-2032

39,735,535

58,958,242

98,693,777

2033-2037

41,600,717

49,937,155

91,537,872

2038-2042

38,845,000

40,523,947

79,368,947

2043-2047

44,770,000

29,932,927

74,702,927

2048-2052

46,230,000

18,204,354

64,434,354

2053-2055

50,212,500

8,210,422

58,422,922

Total

316,439,939

274,336,331

590,776,270

DOUGLAS COUNTY SCHOOL DISTRICT RE. 1

NOTES TO THE FINANCIAL STATEMENTS

June 30, 2022

NOTE 8:

SHORT-TERM DEBT

Due to the cyclical nature of property tax cash flow that school districts significantly rely on for operation, the

State Treasurer is authorized to issue short-term debt in order to make interest-free loans to participating

Colorado school districts.

During the fiscal year ended June 30, 2022, the District borrowed $5,179,000 from the State-sponsored

interest-free loan program to provide cash flow throughout the fiscal year. None of the amount borrowed was

outstanding at June 30, 2022.

NOTE 9:

RISK MANAGEMENT

The deductible for all perils, including flood, windstorm and earthquake, is subject to a per occurrence

deductible of $100,000. Auto per occurrence deductible is $150,000. The District has no excess coverage for

physical damage and collision, upset or overturning of vehicles off premises. Further, the Colorado

Governmental Immunity Act provides local governments with immunity from liability in excess of $387,000

per person per occurrence and $1,093,000 aggregate per occurrence. The District is self-insured for its

medical and property/workers’ compensation claims.

The District purchases commercial insurance and several lines of liability insurance for claims in excess of the

District’s self-insured retention.

Settled claims for the past three fiscal years have not exceeded the

commercial coverage.

Liabilities of the fund are reported when it is probable that a loss has occurred, and the amount of the loss can

be reasonably estimated. Liabilities include an amount for claims that have been incurred but not reported

(IBNR).

The result of the process to estimate the claims liability is not an exact amount as it depends on many complex

factors such as inflation, changes in legal doctrines, and damage awards. Accordingly, claims are re-evaluated

periodically to consider the effects of inflation, recent claim settlement trends (including frequency and

amount of pay-outs), and other economic and social factors. The estimate of the claims liability also includes

amounts for incremental claim adjustment expenses related to specific claims and other claim adjustment

expenses regardless of whether allocated to specific claims. The claims liability was determined actuarially.

The property claims liability is based on the current reserves. The claims liability is considered to be

reasonably estimated (measurable) and probable of assertion.

THE REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK

NOTE 9:

RISK MANAGEMENT

(Continued)

The following represents the change in the claims liability for the District during the fiscal year ended June 30,

2022.

The District's property and workers’ compensation activity is reported within the General Fund. The claims

liability for property and workers’ compensation is only reported in the government-wide Statement of Net

Position as the liability is not a matured liability under the modified accrual basis of accounting.

The District utilizes the Medical Fund, an internal service fund, for the accounting and reporting of its health

insurance claims. Accordingly, the claims are expensed as they are incurred and the full medical claim liability of

$4,564,400 is reported within the Medical Fund as a current liability because the District expects to pay the full

balance within a year.

NOTE 10:

PENSION PLAN

Defined Benefit Pension Plan

Plan Description

– Eligible employees of the District are provided with pensions through the School Division

Trust Fund (SCHDTF), a cost-sharing multiple-employer defined benefit pension plan administered by the Public

Employees’ Retirement Association of Colorado (PERA). Plan benefits are specified in Title 24,

Article 51 of the

Colorado Revised Statutes (C.R.S.), administrative rules set forth at 8 C.C.R. 1502-1, and applicable provisions of

the federal Internal Revenue Code. Colorado State law provisions may be amended from time to time by the

Colorado General Assembly. PERA issues a publicly available annual comprehensive financial report (ACFR)

that can be obtained at

www.copera.org/investments/pera-financial-reports.

Benefits provided as of December 31, 2021

- PERA provides retirement, disability, and survivor benefits.

Retirement benefits are determined by the amount of service credit earned and/or purchased, highest average

salary, the benefit structure(s) under which the member retires, the benefit option selected at retirement, and age at

retirement. Retirement eligibility is specified in tables set forth at C.R.S. § 24-51-602, 604, 1713, and 1714.

The lifetime retirement benefit for all eligible retiring employees under the PERA benefit structure is the greater

of the:



Highest average salary multiplied by 2.5 percent and then multiplied by years of service credit.



The value of the retiring employee’s member contribution account plus a 100 percent match on eligible

amounts as of the retirement date. This amount is then annuitized into a monthly benefit based on life

expectancy and other actuarial factors.

The lifetime retirement benefit for all eligible retiring employees under the Denver Public Schools (DPS) benefit

structure is the greater of the:



Highest average salary multiplied by 2.5% and then multiplied by years of service credit.

DOUGLAS COUNTY SCHOOL DISTRICT RE. 1

NOTES TO THE FINANCIAL STATEMENTS

June 30, 2022

Property/Workers'

Medical

Compensation

Total

Claims Liability June 30, 2020

3,699,400

2,694,552

6,393,952

Claims Incurred and Adjusted

33,749,975

1,151,603

34,901,578

Claims Payments

(32,861,775)

(1,351,415)

(34,213,190)

Claims Liability June 30, 2021

4,587,600

2,494,740

7,082,340

Claims Incurred and Adjusted

32,220,903

2,614,819

34,835,722

Claims Payments

(32,244,103)

(1,629,523)

(33,873,626)

Claims Liability June 30, 2022

4,564,400

3,480,036

8,044,436

NOTE 10:

PENSION PLAN (Continued)

Defined Benefit Pension Plan (Continued)



$15 times the first 10 years of service credit plus $20 times service credit over 10 years plus a

monthly amount equal to the annuitized member contribution account balance based on life

expectancy and other actuarial factors.

In all cases the service retirement benefit is limited to 100 percent of highest average salary and also cannot

exceed the maximum benefit allowed by federal Internal Revenue Code.

Members may elect to withdraw their member contribution accounts upon termination of employment with all

PERA employers; waiving rights to any lifetime retirement benefits earned. If eligible, the member may

receive a match of either 50 percent or 100 percent on eligible amounts depending on when contributions were

remitted to PERA, the date employment was terminated, whether five years of service credit has been obtained

and the benefit structure under which contributions were made.

Upon meeting certain criteria, benefit recipients who elect to receive a lifetime retirement benefit generally

receive post-retirement cost-of-living adjustments, referred to as annual increases in the C.R.S. Subject to the

automatic adjustment provision (AAP) under C.R.S. § 24-51-413, eligible benefit recipients under the PERA

benefit structure who began membership before January 1, 2007, and all eligible benefit recipients of the DPS

benefit structure will receive the maximum annual increase (AI) or AI cap of 1.00 percent unless adjusted by

the AAP.

Eligible benefit recipients under the PERA benefit structure who began membership on or after

January 1, 2007, will receive the lesser of an annual increase of the 1.00 percent AI cap or the average of the

Consumer Price Index for Urban Wage Earners and Clerical Workers for the prior calendar year, not to exceed

a determined increase that would exhaust 10 percent of PERA’s Annual Increase Reserve (AIR) for the

SCHDTF. The AAP may raise or lower the aforementioned AI by up to 0.25 percent based on the parameters

specified C.R.S. § 24-51-413.

Disability benefits are available for eligible employees once they reach five years of earned service credit and

are determined to meet the definition of disability. The disability benefit amount is based on the lifetime

retirement benefit formula(s) shown above considering a minimum 20 years of service credit, if deemed

disabled.

Survivor benefits are determined by several factors, which include the amount of earned service credit, highest

average salary of the deceased, the benefit structure(s) under which service credit was obtained, and the

qualified survivor(s) who will receive the benefits.

Contributions provisions as of June 30, 2022:

Eligible employees, the District, and the State are required to

contribute to the SCHDTF at a rate set by Colorado statute. The contribution requirements for the SCHDTF

are established under C.R.S. § 24-51-401,

et seq

. and § 24-51-413. Eligible employees are required to

contribute 10.50 percent of their PERA-includable salary during the period of July 1, 2021 through June 30,

2022. Employer contribution requirements are summarized in the table below:

**Contribution rates for the SCHDTF are expressed as a percentage of salary as defined in C.R.S. § 24-51-101(42).

DOUGLAS COUNTY SCHOOL DISTRICT RE. 1

NOTES TO THE FINANCIAL STATEMENTS

June 30, 2022

July 1, 2021

through

June 30, 2022

Employer Contribution Rate

10.90%

Amount of Employer Contribution Apportioned to the Health Care Trust Fund as

specified in C.R.S. § 24-51-208(1)(f)

(1.02)%

Amount Apportioned to the SCHDTF

9.88%

Amortization Equalization Disbursement (AED) as specified in C.R.S. § 24-51-411

4.50%

Supplemental Amortization Equalization

Disbursement (SAED) as specified in C.R.S. § 24-51-411

5.50%

Total Employer Contribution Rate to the SCHDTF

19.88%

NOTE 10:

PENSION PLAN (Continued)

Defined Benefit Pension Plan (Continued)

Employer contributions are recognized by the SCHDTF in the period in which the compensation becomes

payable to the member and the District is statutorily committed to pay the contributions to the SCHDTF.

Employer contributions recognized by the SCHDTF from the District were $68.5 million for the year ended

June 30, 2022.

For purposes of GASB 68 paragraph 15, a circumstance exists in which a nonemployer contributing entity is

legally responsible for making contributions to the SCHDTF and is considered to meet the definition of a

special funding situation.

As specified in C.R.S. § 24-51-414, the State is required to contribute $225 million

(actual dollars) direct distribution each year to PERA starting on July 1, 2018. A portion of the direct

distribution payment is allocated to the SCHDTF based on the proportionate amount of annual payroll of the

SCHDTF to the total annual payroll of the SCHDTF, State Division Trust Fund, Judicial Division Trust Fund,

and Denver Public Schools Division Trust Fund. In addition to the $225 million (actual dollars) direct

distribution due July 1, 2022, House Bill (HB) 22-1029, instructs the State treasurer to issue a warrant to

PERA in the amount of $380 million (actual dollars), upon enactment, with reductions to future direct

distributions scheduled to occur July 1, 2023, and July 1, 2024.

Pension Liabilities, Pension Expense, and Deferred Outflows of Resources and Deferred Inflows of

Resources Related to Pensions

The net pension liability for the SCHDTF was measured as of December 31, 2021, and the total pension

liability (TPL) used to calculate the net pension liability was determined by an actuarial valuation as of

December 31, 2020. Standard update procedures were used to roll-forward the TPL to December 31, 2021.

The District’s proportion of the net pension liability was based on the District contributions to the SCHDTF

for the calendar year 2021 relative to the total contributions of participating employers and the State as a

nonemployer contributing entity.

At June 30, 2022, the District reported a liability of $636,750,686 for its proportionate share of the net pension

liability that reflected a reduction for support from the State as a nonemployer contributing entity. The amount

recognized by the District as its proportionate share of the net pension liability, the related support from the

State as a nonemployer contributing entity, and the total portion of the net pension liability that was associated

with the District were as follows:

At December 31, 2021, the District’s proportion was approximately 5.472 percent, which was a decrease of

approximately 0.721 percent from its proportion measured as of December 31, 2020.

For the year ended June 30, 2022, the District recognized pension income of $229,458,571 and revenue of

$7,793,183 for support from the State as a nonemployer contributing entity, the District reported deferred

outflows of

resources and deferred inflows of resources related to pensions from the following sources:

DOUGLAS COUNTY SCHOOL DISTRICT RE. 1

NOTES TO THE FINANCIAL STATEMENTS

June 30, 2022

The District’s proportionate share of the

net pension liability

$636,750,686

The State’s proportionate share of the

net pension liability as a

nonemployer

contributing entity associated with the

District.

$72,995,332

Total

$709,746,018

NOTE 10:

PENSION PLAN (Continued)

Pension Liabilities, Pension Expense, and Deferred Outflows of Resources and Deferred Inflows of

Resources Related to Pensions (Continued)

$33,993,188 reported as deferred outflows of resources related to pensions, resulting from contributions

subsequent to the measurement date, will be recognized as a reduction of the net pension liability in the year

ended June 30, 2023. Other amounts reported as deferred outflows of resources and deferred inflows of

resources related to pensions will be recognized in pension expense as follows:

Actuarial Assumptions -

The TPL in the December 31, 2020 actuarial valuation was determined using the

following actuarial cost method, actuarial assumptions and other inputs:

(1)

Post-retirement benefit increases are provided by the AIR, accounted separately within each Division Trust Fund, and subject

to moneys being available; therefore, liabilities related to increases for members of these benefit tiers can never exceed available

assets.

DOUGLAS COUNTY SCHOOL DISTRICT RE. 1

NOTES TO THE FINANCIAL STATEMENTS

June 30, 2022

Deferred Outflows

of Resources

Deferred Inflows

of Resources

Difference between expected and actual experience

24,377,368

Net difference between projected and actual earnings

on pension plan investments

239,399,238

Changes in proportion and differences between

contributions recognized and proportionate share of

contributions

45,578,457

94,340,736

Contributions subsequent to the measurement date

33,993,188

N/A

Total

152,560,173

333,739,974

Changes of assumptions or other inputs

48,611,160

Year ended June 30:

Effect of Deferred Inflows/

Outflows on Pension Expense

2023

(23,538,272)

2024

(92,363,884)

2025

(70,212,891)

2026

(29,057,942)

Total

(215,172,989)

Actuarial cost method

Entry age

Price inflation

2.30%

Real wage growth

0.70%

Wage inflation

3.00%

Salary increases, including wage inflation:

3.40% - 11.00%

Long-term investment rate of return, net of pension plan

investment expenses including price inflation

7.25%

Discount rate

7.25%

Post retirement benefit increases:

PERA benefit structure hired prior to January 1, 2007;

and DPS benefit structure (compounded annually)

PERA benefit structure hired after December 31, 2006

(1)

1.00%

Financed by the AIR

NOTE 10:

PENSION PLAN (Continued)

Pension Liabilities, Pension Expense, and Deferred Outflows of Resources and Deferred Inflows of

Resources Related to Pensions (Continued)

The TPL as of December 31, 2021, includes the anticipated adjustments to contribution rates and the AI cap,

resulting from the 2020 AAP assessment, statutorily recognized July 1, 2021, and effective July 1, 2022.

The mortality tables described below are generational mortality tables developed on a benefit-weighted basis.

Pre-retirement mortality assumptions were based upon the PubT-2010 Employee Table with generational

projection using scale MP-2019.

Post-retirement, nondisabled mortality assumptions were based on the Pub-T2010 Healthy Retiree Table,

adjusted as follows:

Post-retirement non-disabled beneficiary mortality assumptions were based upon the Pub-2010 Contingent

Survivor Table, adjusted as follows:

Disabled mortality assumptions were based upon the PubNS-2010 Disabled Retiree Table using 99 percent of

the rates for all ages with generational projection using scale MP-2019.

The actuarial assumptions used in the December 31, 2020, valuation were based on the results of the 2020

experience analysis for the period January 1, 2016, through December 31, 2019, and were reviewed and

adopted by the PERA Board at their November 20, 2020, meeting.

The long-term expected return on plan assets is reviewed as part of regular experience studies prepared every

four or five years for PERA. Recently, this assumption has been reviewed more frequently. The most recent

analyses were outlined in the Experience Study report dated October 28, 2020.

Several factors are considered in evaluating the long-term rate of return assumption, including long-term

historical data, estimates inherent in current market data, and a log-normal distribution analysis in which

best-estimate ranges of expected future real rates of return (expected return, net of investment expense and

inflation) were developed for each major asset class. These ranges were combined to produce the long-term

expected rate of return by weighting the expected future real rates of return by the target asset allocation

percentages and then adding expected inflation.

DOUGLAS COUNTY SCHOOL DISTRICT RE. 1

NOTES TO THE FINANCIAL STATEMENTS

June 30, 2022



Males:

112% of the rates prior to age 80 and 94% of the rates for ages 80 and older, with genera-

tional projection using scale MP-2019.



Females:

83% of the rates prior to age 80 and 106% of the rates for ages 80 and older, with genera-

tional projection using scale MP-2019.

THE REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK



Males:

97% of the rates for all ages, with generational projection using scale MP-2019.



Females:

105% of the rates for all ages, with generational projection using scale MP-2019.

NOTE 10:

PENSION PLAN (Continued)

Pension Liabilities, Pension Expense, and Deferred Outflows of Resources and Deferred Inflows of

Resources Related to Pensions (Continued)

The PERA Board first adopted the 7.25 percent long-term expected rate of return as of November 18, 2016.

Following an asset/liability study, the Board reaffirmed the assumed rate of return at the Board's November 15,

2019, meeting, to be effective January 1, 2020. As of the most recent reaffirmation of the long-term rate of return,

the target asset allocation and best estimates of geometric real rates of return for each major asset class are

summarized in the table as follows:

Note: In setting the long-term expected rate of return, projections employed to model future returns provide a

range of expected long-term returns that, including expected inflation, ultimately support a long-term expected

nominal rate of return assumption of 7.25 percent.

Discount Rate:

The discount rate used to measure the TPL was 7.25 percent. The projection of cash flows used to

determine the discount rate applied the actuarial cost method and assumptions shown above. In addition, the

following methods and assumptions were used in the projection of cash flows:

DOUGLAS COUNTY SCHOOL DISTRICT RE. 1

NOTES TO THE FINANCIAL STATEMENTS

June 30, 2022

Asset Class

Target Allocation

30 Year Expected

Geometric Real Rate

of Return

Global Equity

54.00%

5.60%

Fixed Income

23.00%

1.30%

Private Equity

8.50%

7.10%

Real Estate

8.50%

4.40%

Alternatives

6.00%

4.70%

Total

100.00%



Total covered payroll for the initial projection year consists of the covered payroll of the active

membership present on the valuation date and the covered payroll of future plan members assumed to be

hired during the year. In subsequent projection years, total covered payroll was assumed to increase

annually at a rate of 3.00 percent.



Employee contributions were assumed to be made at the member contribution rates in effect for each year,

including the scheduled increases in Senate Bill (SB) 18-200, required adjustments resulting from the 2018

AAP assessment, and the additional 0.50 percent resulting from the 2020 AAP assessment, statutorily

recognized July 1, 2021, and effective July 1, 2022. Employee contributions for future plan members were

used to reduce the estimated amount of total service costs for future plan members.



Employer contributions were assumed to be made at rates equal to the fixed statutory rates specified in law

for each year, including the scheduled increase in SB 18-200, required adjustments resulting from the 2018

AAP assessment, and the additional 0.50% resulting from the 2020 AAP assessment, statutorily

recognized July 1, 2021, and effective July 1, 2022. Employer contributions also include the current and

estimated future AED and SAED, until the actuarial value funding ratio reaches 103 percent, at which

point, the AED and SAED will each drop 0.50 percent every year until they are zero. Additionally,

estimated employer contributions reflect reductions for the funding of the AIR and retiree health care

benefits. For future plan members, employer contributions were further reduced by the estimated amount

of total service costs for future plan members not financed by their member contributions.



As specified in law, the State, as a nonemployer contributing entity, will provide an annual direct

distribution of $225 million (actual dollars), commencing July 1, 2018, that is proportioned between the

State, School, Judicial, and DPS Division Trust Funds based upon the covered payroll of each Division.

The annual direct distribution ceases when all Division Trust Funds are fully funded.



Employer contributions and the amount of total service costs for future plan members were based

upon a

process to estimate future actuarially determined contributions assuming an analogous future plan member

growth rate.

NOTE 10:

PENSION PLAN (Continued)

Pension Liabilities, Pension Expense, and Deferred Outflows of Resources and Deferred Inflows of

Resources Related to Pensions (Continued)

Based on the above assumptions and methods, the SCHDTF’s FNP was projected to be available to make all

projected future benefit payments of current members. Therefore, the long-term expected rate of return of 7.25

percent on pension plan investments was applied to all periods of projected benefit payments to determine the

TPL. The discount rate determination does not use the municipal bond index rate, and therefore, the discount

rate is 7.25 percent. There was no change in the discount rate from the prior measurement date.

Sensitivity of the District’s proportionate share of the net pension liability to changes in the discount rate -

The

following presents the proportionate share of the net pension liability calculated using the discount rate of 7.25

percent, as well as what the proportionate share of the net pension liability would be if it were calculated using a

discount rate that is one percentage-point lower (6.25 percent) or one percentage-point higher (8.25 percent) than

the current rate:

Pension Plan Fiduciary Net Position:

Detailed information about the SCHDTF’s FNP is available in PERA’s

ACFR, which can be obtained at

www.copera.org/investments/pera-financial-reports

Defined Contribution Pension Plan

Voluntary Investment Program

Plan Description

- Employees of the District that are also members of the SCHDTF may voluntarily

contribute to the Voluntary Investment Program, an Internal Revenue Code Section 401(k) defined contribution

plan administered by PERA. Title 24, Article 51, Part 14 of the C.R.S, as amended, assigns the authority to

establish the Plan provisions to the PERA Board of Trustees. PERA issues a publicly available ACFR which

includes additional information on the Voluntary Investment Program. That report can be obtained at

www.copera.org/investments/pera-financial-reports.

Funding Policy

- The Voluntary Investment Program is funded by voluntary member contributions up to the

maximum limits set by the Internal Revenue Service, as established under Title 24, Article 51, Section 1402 of

the C.R.S., as amended. Employees are immediately vested in their own contributions and investment

earnings. For the year ended June 30, 2022, program members contributed $8,582,510.

DOUGLAS COUNTY SCHOOL DISTRICT RE. 1

NOTES TO THE FINANCIAL STATEMENTS

June 30, 2022



The AIR balance was excluded from the initial FNP, as, per statute, AIR amounts cannot be used to

pay benefits until transferred to either the retirement benefits reserve or the survivor benefits reserve, as

appropriate. AIR transfers to the FNP and the subsequent AIR benefit payments were estimated and

included in the projections.



The projected benefit payments reflect the lower AI cap, from 1.25 percent to 1.00 percent, resulting

from the 2020 AAP assessment, statutorily recognized July 1, 2021, and effective July 1, 2022.



Benefit payments and contributions were assumed to be made at the middle of the year.

1% Decrease

(6.25%)

Current Discount

Rate

(7.25%)

1% Increase

(8.25%)

Proportionate share of the net pension liability

$937,244,934

$636,750,686

$385,999,455

NOTE 11:

POST EMPLOYMENT BENEFITS OTHER THAN PENSIONS

Other Post Employment Benefits (OPEB)

Plan Description

- Eligible employees of the District are provided with OPEB through the Health Care Trust

Fund (HCTF) - a cost sharing multiple-employer defined benefit OPEB plan administered by PERA. The

HCTF is established under Title 24, Article 51, Part 12 of the Colorado Revised Statutes (C.R.S.), as amended

and sets forth a framework that grants authority to the PERA Board to contract, self-insure, and authorize

disbursements necessary in order to carry out the purposes of the PERACare program, including the

administration of the premium subsidies. Colorado State law provisions may be amended from time to time by

the Colorado General Assembly. PERA issues a publicly available

annual comprehensive financial report

(ACFR) that can be obtained at

www.copera.org/investments/pera-financial-reports.

Benefits Provided

- The HCTF provides a health care premium subsidy to eligible participating PERA benefit

recipients and retirees who choose to enroll in one of the PERA health care plans, however, the subsidy is not

available if only enrolled in the dental and/or vision plan(s). The health care premium subsidy is based upon

the benefit structure under which the member retires and the member’s years of service credit. For members

who retire having service credit with employers in the Denver Public Schools (DPS) Division and one or more

of the other four divisions (State, School, Local Government and Judicial), the premium subsidy is allocated

between the HCTF and the Denver Public Schools Health Care Trust Fund (DPS HCTF). The basis for the

amount of the premium subsidy funded by each trust fund is the percentage of the member contribution

account balance from each division as it relates to the total member contribution account balance from which

the retirement benefit is paid.

C.R.S. § 24-51-1202 et seq. specifies the eligibility for enrollment in the health care plans offered by PERA

and the amount of the premium subsidy. The law governing a benefit recipient’s eligibility for the subsidy and

the amount of the subsidy differs slightly depending under which benefit structure the benefits are calculated.

All benefit recipients under the PERA benefit structure and all retirees under the DPS benefit structure are

eligible for a premium subsidy, if enrolled in a health care plan under PERACare. Upon the death of a DPS

benefit structure retiree, no further subsidy is paid.

Enrollment in the PERACare is voluntary and is available to benefit recipients and their eligible dependents,

certain surviving spouses, and divorced spouses and guardians, among others. Eligible benefit recipients may

enroll into the program upon retirement, upon the occurrence of certain life events, or on an annual basis

during an open enrollment period.

PERA Benefit Structure

- The maximum service-based premium subsidy is $230 per month for benefit

recipients who are under 65 years of age and who are not entitled to Medicare; the maximum service-based

subsidy is $115 per month for benefit recipients who are 65 years of age or older or who are under 65 years of

age and entitled to Medicare. The maximum service-based subsidy, in each case, is for benefit recipients with

retirement benefits based on 20 or more years of service credit. There is a 5 percent reduction in the subsidy

for each year less than 20. The benefit recipient pays the remaining portion of the premium to the extent the

subsidy does not cover the entire amount.

For benefit recipients who have not participated in Social Security and who are not otherwise eligible for

premium-free Medicare Part A for hospital-related services, C.R.S. § 24-51-1206(4) provides an additional

subsidy. According to the statute, PERA cannot charge premiums to benefit recipients without Medicare Part

A that are greater than premiums charged to benefit recipients with Part A for the same plan option, coverage

level, and service credit. Currently, for each individual PERACare enrollee, the total premium for Medicare

coverage is determined assuming plan participants have both Medicare Part A and Part B and the difference in

premium cost is paid by the HCTF or the DPS HCTF on behalf of benefit recipients not covered by Medicare

Part A.

DPS Benefit Structure

- The maximum service-based premium subsidy is $230 per month for retirees who are

under 65 years of age and who are not entitled to Medicare; the maximum service-based subsidy is $115 per

month for retirees who are 65 years of age or older or who are under 65 years of age and entitled to Medicare.

The maximum service-based subsidy, in each case, is for retirees with retirement benefits based on 20 or more

years of service credit. There is a 5% reduction in the subsidy for each year less than 20. The retiree pays the

remaining portion of the premium to the extent the subsidy does not cover the entire amount.

DOUGLAS COUNTY SCHOOL DISTRICT RE. 1

NOTES TO THE FINANCIAL STATEMENTS

June 30, 2022

NOTE 11:

POST EMPLOYMENT BENEFITS OTHER THAN PENSIONS

(Continued)

Other Post Employment Benefits (OPEB) (Continued)

For retirees who have not participated in Social Security and who are not otherwise eligible for premium-free

Medicare Part A for hospital-related services, the HCTF or the DPS HCTF pays an alternate service-based

premium subsidy. Each individual retiree meeting these conditions receives the maximum $230 per month

subsidy reduced appropriately for service less than 20 years, as described above. Retirees who do not have

Medicare Part A pay the difference between the total premium and the monthly subsidy.

Contributions

- Pursuant to Title 24, Article 51, Section 208(1)(f) of the C.R.S., as amended, certain

contributions are apportioned to the HCTF. PERA-affiliated employers of the State, School, Local

Government, and Judicial Divisions are required to contribute at a rate of 1.02 percent of PERA includable

salary into the HCTF.

Employer contributions are recognized by the HCTF in the period in which the compensation becomes

payable to the member and the District is statutorily committed to pay the contributions. Employer

contributions recognized by the HCTF from the District were $3,516,287 for the year ended June 30, 2022.

OPEB Liabilities, OPEB Expense, and Deferred Outflows of Resources and Deferred Inflows of

Resources related to OPEB

At June 30, 2022, the District reported a liability of $30,807,156

for its proportionate share of the net OPEB

liability. The net OPEB liability for the HCTF was measured as of December 31, 2021, and the total OPEB

liability (TOL) used to calculate the net OPEB liability was determined by an actuarial valuation as of

December 31, 2020. Standard update procedures were used to roll forward the total OPEB liability to

December 31, 2021. The District’s proportion of the net OPEB liability was based on the District’s

contributions to the HCTF for the calendar year 2021 relative to the total contributions of participating

employers to the HCTF.

At December 31, 2021, the District’s proportion was 3.573 percent, which was a decrease of approximately

0.01

percent from its proportion measured as of December 31, 2020.

For the year ended June 30, 2022, the District recognized OPEB income of $2,059,606. At June 30, 2022, the

District reported deferred outflows of resources and deferred inflows of resources related to OPEB from the

following sources:

DOUGLAS COUNTY SCHOOL DISTRICT RE. 1

NOTES TO THE FINANCIAL STATEMENTS

June 30, 2022

Deferred Outflows

of Resources

Deferred Inflows

of Resources

Difference between expected and actual experience

46,945

$ 7,304,751

Changes of assumptions and other inputs

637,826

$ 1,671,108

Net difference between projected and actual earnings

on pension plan investments

$ 1,906,974

Changes in proportion and differences between

contributions recognized and proportionate share of

contributions

949,303

$ 2,277,954

Contributions subsequent to the measurement date

$ 1,754,839

Total

$ 3,388,913

$13,160,787

NOTE 11:

POST EMPLOYMENT BENEFITS OTHER THAN PENSIONS

(Continued)

OPEB Liabilities, OPEB Expense, and Deferred Outflows of Resources and Deferred Inflows of Resources

Related to OPEB (Continued)

$1,754,839

reported as deferred outflows of resources related to OPEB resulting from contributions subsequent to

the measurement date will be recognized as a reduction of the net OPEB liability in the year ended June 30, 2023.

Other amounts reported as deferred outflows of resources and deferred inflows of resources related to OPEB will

be recognized in OPEB expense as follows:

Actuarial Assumptions

- The

TOL in the December 31, 2020 actuarial valuation was determined using the

following actuarial cost method, actuarial assumptions and other inputs:

Calculations are based on the benefits provided under the terms of the substantive plan in effect at the time of each

actuarial valuation and on the pattern of sharing of costs between employers of each fund to that point.

DOUGLAS COUNTY SCHOOL DISTRICT RE. 1

NOTES TO THE FINANCIAL STATEMENTS

June 30, 2022

June 30,

Effect of Deferred Inflows/

Outflows on OPEB Expense

2023

(3,074,574)

2024

(3,329,411)

2025

(2,966,386)

2026

(1,788,836)

2027

(325,303)

Thereafter

(42,203)

Total

(11,526,713)

School Division

Actuarial cost method

Entry age

Price inflation

2.30%

Real wage growth

0.70%

Wage inflation

3.00%

Salary increases, including wage inflation

Members other than State Troopers

3.40%-11.00%

State Troopers

N/A

Long-term investment rate of return, net of OPEB plan

investment expenses, including price inflation

7.25%

Discount rate

7.25%

Health care cost trend rates

PERA benefit structure:

Service-based premium subsidy

0.00%

PERACare Medicare plans

4.50% in 2021,

6.00% in 2022

gradually decreasing

to 4.50% in 2029

Medicare Part A premiums

3.75% in 2021,

gradually increasing

to 4.50% in 2029

DPS benefit structure:

Service-based premium subsidy

0.00%

PERACare Medicare plans

N/A

Medicare Part A premiums

N/A

NOTE 11:

POST EMPLOYMENT BENEFITS OTHER THAN PENSIONS

(Continued)

OPEB Liabilities, OPEB Expense, and Deferred Outflows of Resources and Deferred Inflows of

Resources Related to OPEB (Continued)

In determining the additional liability for PERACare enrollees who are age sixty–five or older and who are

not eligible for premium–free Medicare Part A in the December 31, 2020 valuation, the following monthly

costs/premiums (actual dollars) are assumed for 2021 for the PERA Benefit Structure:

The 2021 Medicare Part A premium is $471 (actual dollars) per month.

All costs are subject to the health care cost trend rates, as discussed below.

Health care cost trend rates reflect the change in per capita health costs over time due to factors such as

medical inflation, utilization, plan design, and technology improvements. For the PERA benefit structure,

health care cost trend rates are needed to project the future costs associated with providing benefits to those

PERACare enrollees not eligible for premium-free Medicare Part A.

Health care cost trend rates for the PERA benefit structure are based on published annual health care inflation

surveys in conjunction with actual plan experience (if credible), building block models and industry methods

developed by health plan actuaries and administrators. In addition, projected trends for the Federal Hospital

Insurance Trust Fund (Medicare Part A premiums) provided by the Centers for Medicare & Medicaid

Services as referenced in the development of these rates. Effective December 31, 2020 , the health care cost

trend rates for Medicare Part A premiums were revised to reflect the current expectation of future increases in

rates of inflation applicable to Medicare Part A premiums.

The PERA benefit structure health care cost trend rates that were used to measure the total OPEB liability are

summarized in the table below:

Mortality assumptions used in the December 31, 2020

valuation for the determination of the total pension

liability for each of the Division Trust Funds as shown below, reflect generational mortality and were

applied, as applicable, in the determination of the TOL for the HCTF, but developed using a headcount-

weighted basis.

Affiliated employers of the State, School, Local Government, and Judicial Divisions

participate in the HCTF.

DOUGLAS COUNTY SCHOOL DISTRICT RE. 1

NOTES TO THE FINANCIAL STATEMENTS

June 30, 2022

Medicare Plan

Monthly Cost

Monthly Premium

Monthly Cost

Adjusted to Age 65

Medicare Advantage/Self-Insured Rx

$633

$230

$591

Kaiser Permanente Medicare

Advantage HMO

$596

$199

$562

Initial Costs for Members without Medicare Part A

Year

PERACare

Medicare Plans

Medicare Part A

Premiums

2021

4.50%

3.75 %

2022

6.00%

3.75%

2023

5.80%

4.00 %

2024

5.60%

4.00 %

2025

5.40%

4.00%

2026

5.10%

4.25 %

2027

4.90%

4.25 %

2028

4.70%

4.25%

2029+

4.50%

4.50 %

NOTE 11:

POST EMPLOYMENT BENEFITS OTHER THAN PENSIONS

(Continued)

OPEB Liabilities, OPEB Expense, and Deferred Outflows of Resources and Deferred Inflows of

Resources Related to OPEB (Continued)

Pre-retirement mortality assumptions for the State and Local Government Divisions (members other than State

Troopers) were based upon the PubG-2010 Employee Table with generational projection using scale

MP-2019.

Pre-retirement mortality assumptions for State Troopers were based upon the PubS-2010 Employee Table with

generational projection using scale MP-2019.

The pre-retirement mortality assumptions for the School Division were based upon the PubT-2010 Employee

Table with generational projection using scale MP-2019.

Pre-retirement mortality assumptions for the Judicial Division were based upon the PubG-2010(A) Above-

Median Employee Table with generational projection using scale MP-2019.

Post-retirement, non-disabled mortality assumptions for the State and Local Government Divisions (members

other than State Troopers) were based on the PubG-2010 Healthy retiree

Table, adjusted as follows:

Post-retirement non-disabled mortality assumptions for State Troopers were based upon the unadjusted

PubS-2010 Healthy Retiree Table, with generational projection using scale MP-2019.

Post-retirement non-disabled mortality assumptions for the School Division were based on the PubT-2010

Healthy Retiree Table, adjusted as follows:

Post-retirement non-disabled mortality assumptions for the Judicial Division were based upon the unadjusted

PubG-2010(A) Above-Median Healthy Retiree Table with generational projection using scale MP-2019.

Post-retirement non-disabled beneficiary mortality assumptions were based upon the Pub-2010 Contingent

Survivor Table, adjusted as follows:

Disabled mortality assumptions for members other than State Troopers were based upon the PubNS-2010

Disabled Retiree Table using 99% of the rates for all ages with generational projection using scale MP-2019.

Disabled mortality assumptions for State Troopers were based upon the unadjusted PubS-2010 Disabled

Retiree Table with generational projection using scale MP-2019.

DOUGLAS COUNTY SCHOOL DISTRICT RE. 1

NOTES TO THE FINANCIAL STATEMENTS

June 30, 2022



Males:

94% of the rates prior to age 80 and 90% of the rates for ages 80 and older, with

generational projection using scale MP-2019.



Females:

87% of the rates prior to age 80 and 107% of the rates for ages 80 and older, with

generational projection using scale MP-2019.



Males:

112% of the rates prior to age 80 and 94% of the rates for ages 80 and older, with gen-

erational projection using scale MP-2019.



Females:

83% of the rates prior to age 80 and 106% of the rates for ages 80 and older, with

generational projection using scale MP-2019.



Males:

97% of the rates for all ages, with generational projection using scale MP-2019.



Females:

105% of the rates for all ages, with generational projection using scale MP-2019.

NOTE 11:

POST EMPLOYMENT BENEFITS OTHER THAN PENSIONS

(Continued)

OPEB Liabilities, OPEB Expense, and Deferred Outflows of Resources and Deferred Inflows of

Resources Related to OPEB (Continued)

The following health care costs assumptions were updated and used in the roll forward calculation for the

Trust Fund:

Actuarial assumptions pertaining to per capita health care costs and their related trend rates are analyzed

and updated annually by the Board’s actuary, as discussed above.

The actuarial assumptions used in the December 31, 2020, valuation were based on the results of the 2020

experience analysis for the period January 1, 2016, through December 31, 2019, and were reviewed and

adopted by the PERA Board at their November 20, 2020, meeting.

The long-term expected return on plan assets is reviewed as part of regular experience studies prepared every

four of five years for PERA. Recently, this assumption has been reviewed more frequently. The most recent

analyses were outlined the Experience Study report dated October 28, 2020.

Several factors were considered in evaluating the long-term rate of return assumption, including long-term

historical data, estimates inherent in current market data, and a log-normal distribution analysis in which best

estimate ranges of expected future real rates of return (expected return, net of investment expense and

inflation) were developed for each major asset class. These ranges were combined to produce the long-term

expected rate of return by weighting the expected future real rates of return by the target asset allocation

percentage and then adding expected inflation.

As of the most recent reaffirmation of the long-term rate of return, the target asset allocation and best

estimates of geometric real rates of return for each major asset class are summarized in the table as follows:

Note: In setting the long-term expected rate of return, projections employed to model future returns provide a

range of expected long-term returns that, including expected inflation, ultimately support a long-term

expected nominal rate of return assumption of 7.25 percent.

Sensitivity of the District’s proportionate share of the net OPEB liability to changes in the Health Care Cost

Trend Rates

- The following presents the net OPEB liability using the current health care cost trend rates

applicable to the PERA benefit structure, as well as if it were calculated using health care cost trend rates that

are one-percentage-point lower or one-percentage-point higher than the current rates:

DOUGLAS COUNTY SCHOOL DISTRICT RE. 1

NOTES TO THE FINANCIAL STATEMENTS

June 30, 2022

Asset Class

Target Allocation

30 Year Expected

Geometric Real Rate

of Return

Global Equity

54.00%

5.60%

Fixed Income

23.00%

1.30%

Private Equity

8.50%

7.10%

Real Estate

8.50%

4.40%

Alternatives

6.00%

4.70%

Total

100.00%



Initial per capita health care costs for those PERACare enrollees under the PERA benefit structure

who are expected to attain age 65 and older ages and are not eligible for premium-free Medicare

Part A benefits were updated to reflect the change in costs for the 2021 plan year.



The health care cost trend rates for Medicare Part A premiums were revised to reflect the then-

current expectation of future increases in rates of inflation applicable to Medicare Part A premiums.

NOTE 11:

POST EMPLOYMENT BENEFITS OTHER THAN PENSIONS

(Continued)

OPEB Liabilities, OPEB Expense, and Deferred Outflows of Resources and Deferred Inflows of

Resources Related to OPEB (Continued)

Discount Rate

- The discount rate used to measure the TOL was 7.25 percent. The projection of cash flows

used to determine the discount rate applied the actuarial cost method and assumptions shown above. In

addition, the following methods and assumptions were used in the projection of cash flows:

Based on the above assumptions and methods, the projection test indicated the HCTF’s FNP was projected to

be available to make all projected future benefit payments of current members. Therefore, the long-term

expected rate of return of 7.25 percent on OPEB plan investments was applied to all periods of projected

benefit payments to determine the TOL. The discount rate determination does not use the municipal bond

index rate, and therefore, the discount rate is 7.25 percent. There was no change in the discount rate from the

prior measurement date.

Sensitivity of the District’s proportionate share of the net OPEB liability to changes in the discount rate

The

following presents the proportionate share of the net OPEB liability calculated using the discount rate of 7.25

percent, as well as what the proportionate share of the net OPEB liability would be if it were calculated using

a discount rate that is one-percentage-point lower (6.25 percent) or one-percentage-point higher (8.25 percent)

than the current rate:



Updated health care cost trend rates for Medicare Part A premiums as of the December 31, 2021,

measurement date.



Total covered payroll for the initial projection year consists of the covered payroll of the active

membership present on the valuation date and the covered payroll of future plan members assumed to be

hired during the year. In subsequent projection years, total covered payroll was assumed to increase

annually at a rate of 3.00 percent.



Employer contributions were assumed to be made at rates equal to the fixed statutory rates specified in

law and effective as of the measurement date.



Employer contributions and the amount of total services costs for future plan members were based upon

a process to estimate future actuarially determined contribution assuming an analogous future plan

member growth rate.



Estimated transfers of dollars into the HCTF representing a portion of purchase service agreements

intended to cover the costs associated with OPEB benefits.



Benefit payments an contributions were assumed to be made at the middle of the year.

DOUGLAS COUNTY SCHOOL DISTRICT RE. 1

NOTES TO THE FINANCIAL STATEMENTS

June 30, 2022

1% Decrease in

Trend Rates

Current Trend

Rates

1% Increase in

Trend Rates

Initial PERACare Medicare Trend Rate

3.50 %

4.50 %

5.50 %

Ultimate PERACare Medicare Trend Rate

3.50%

4.50%

5.50%

Initial Medicare Part A Trend Rate

2.75 %

3.75 %

4.75 %

Ultimate Medicare Part A Trend Rate

3.50%

4.50%

5.50%

Net OPEB Liability

$29,922,460

$30,807,156

$31,832,007

DOUGLAS COUNTY SCHOOL DISTRICT RE. 1

NOTES TO THE FINANCIAL STATEMENTS

June 30, 2022

NOTE 11:

POST EMPLOYMENT BENEFITS OTHER THAN PENSIONS

(Continued)

OPEB Liabilities, OPEB Expense, and Deferred Outflows of Resources and Deferred Inflows of

Resources Related to OPEB (Continued)

OPEB plan fiduciary net position -

Detailed information about the HCTF plan’s FNP is available in PERA’s

ACFR which can be obtained at

www.copera.org/investments/pera-financial-reports.

NOTE 12:

COMMITMENTS AND CONTINGENCIES

Claims and Judgments

The District participates in a number of federal and state programs that are fully or partially funded by grants

received from other governmental entities. Expenditures financed by grants are subject to audit by the

appropriate grantor government. If expenditures are disallowed due to noncompliance with grant program

regulations, the District may be required to reimburse the grantor government. As of June 30, 2022, varying

amounts of grant expenditures have not been audited by federal and state agencies, but the District believes

that disallowed expenditures, if any, based on subsequent audits, will not have a material effect on the overall

financial position of the District.

Committed Construction

At June 30, 2022, the District had contractual commitments for the construction of various major capital

projects and facilities of $15,339,355. Bonds, investment earnings, and general funds will provide funding for

these immediate future expenditures.

Litigation

The District is involved in various litigation matters in which the outcome cannot be predicted at this time.

TABOR Amendment

In November 1992, Colorado voters passed Article X, Section 20 (TABOR Amendment), to the State

Constitution which limits state and local government tax powers and imposes spending limitations. The

District is subject to the TABOR Amendment. Fiscal year 1993 provides the basis for limits in future years to

which may be applied allowable increases for inflation and student enrollment. In November 1998, voters

within the District authorized the District to collect, retain, and spend all District revenues received in 1998

and each year thereafter, notwithstanding the limitations of the TABOR Amendment. The TABOR

Amendment is subject to many interpretations, but the District believes it is in substantial compliance with

the Amendment.

The TABOR Amendment requires the District to establish a reserve of 3 percent for emergencies. At June 30,

2022, the District and charter school reserves of $17,561,600

and $5,286,335 respectively, were recorded as

a restricted fund balance in the Combined General Fund.

In addition to this TABOR Reserve, Board policy requires an additional 3 percent be held as a prudent

reserve providing evidence of financial stability and maintaining the high credit rating the District presently

enjoys. This policy also mandates a 1 percent contingency budget to be appropriated each year providing

readily available resources in the event of unforeseen circumstances.

1% Decrease

6.25%

Current Discount

Rate 7.25%

1% Increase

8.25%

Proportionate share of the net OPEB liability

$35,779,287

$30,807,156

$26,560,095

NOTE 13:

RESTATEMENT OF FUND BALANCE

The District is restating the beginning balance of Academy Charter School by $271,420. This amount

represents capital asset additions and capital contributions received in prior years which resulted in a

restatement of beginning net position.

See below for the impact of the prior period adjustment on

governmental activities.

NOTE 14:

SUBSEQUENT EVENTS

In August 2022, the District issued general obligation refunding bonds in the amount of $86,550,000 at an

interest rate of 2.07% for the purposes of refunding series 2012 and 2013 general obligation bonds. This

refunding was undertaken to reduce total debt service payments by $8,332,275 and a Net Present Value

savings of 7.63%.

The net proceeds of this refunding, plus an additional $965,866 from Bond Redemption Fund ending fund

balance, were deposited in an irrevocable trust with escrow agent to provide for all future debt service

payments on these general obligation bonds.

As a result, these bonds are defeased and the liability for these

bonds will be removed from the 2022-2023 government-wide statement of net position.

The advanced

refunding resulted in a difference between the reacquisition price and the net carrying amount of the old debt

of $3,691,244.

On September 2, 2022, the Colorado Educational and Cultural Facilities Authority issued Series 2022A and

Series 2022B totaling $11,825,000 to Global Village Academy to finance the discharge of the lease

forbearance arrears and purchase the property. The forbearance liability was discharged in full at that time.

DOUGLAS COUNTY SCHOOL DISTRICT RE. 1

NOTES TO THE FINANCIAL STATEMENTS

June 30, 2022

THE REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK

Discretely Presented

Component Units

Beginning Net Position, as orginally reported

(200,432,946)

Correction of an Error

271,420

Beginning Net Position, as restated

(200,161,526)

REQUIRED

SUPPLEMENTARY

INFORMATION

See accompanying independent auditor’s report and note to required supplementary information

Adopted

Amended

Variance

Budget

Actual

with Budget

REVENUES

Taxes:

Local Property Taxes

276,939,007

288,353,571

290,661,411

2,307,840

Specific Ownership Taxes

26,964,666

31,369,085

31,147,922

(221,163)

Total Taxes

303,903,673

319,722,656

321,809,333

2,086,677

Intergovernmental State Funding:

State Equalization

327,565,817

321,754,777

321,796,077

41,300

Special Education

14,756,865

16,377,665

16,402,769

25,104

Vocational Education

783,558

723,514

720,773

(2,741)

Other

16,260,932

29,968,087

28,267,015

(1,701,072)

Total Intergovernmental State Funding

359,367,172

368,824,043

367,186,634

(1,637,409)

Other:

Investment Income

504,000

115,000

433,937

318,937

Charges for Services

21,436,894

20,755,952

23,216,916

2,460,964

Fundraisers and Donations

3,507,808

Other

12,865,729

22,211,369

9,973,902

(12,237,467)

Total Other

34,806,623

43,082,321

37,132,563

(5,949,758)

Total Revenues

698,077,468

731,629,020

726,128,530

(5,500,490)

EXPENDITURES

Current Operating:

Instructional Services

362,580,801

391,216,643

336,561,522

54,655,121

Funding to Component Units

154,309,700

159,859,059

160,011,621

(152,562)

Supporting Services:

Pupil Support Services

92,056,749

104,847,116

101,103,130

3,743,986

Operations and Maintenance

70,696,767

73,524,001

69,018,799

4,505,202

Central Supporting Services

33,618,846

34,195,496

31,766,150

2,429,346

Facility Acquisition and Construction

15,023,970

19,242,118

2,482,112

16,760,006

Debt Service - Leases

1,641,170

Total Expenditures

728,286,833

784,525,603

702,584,504

81,941,099

EXCESS OF REVENUES

(OVER) EXPENDITURES

(30,209,365)

(52,896,583)

23,544,026

76,440,609

OTHER FINANCING SOURCES (USES)

Transfers Out

(5,420,479)

(9,849,171)

Total Other Financing (Uses)

(5,420,479)

(9,849,171)

NET CHANGE IN FUND BALANCES

(35,629,844)

(62,745,754)

13,694,855

76,440,609

FUND BALANCE, Beginning

154,878,689

FUND BALANCE, Ending

168,573,544

DOUGLAS COUNTY SCHOOL DISTRICT RE. 1

Combined General Fund

Budgetary Comparison Schedule

For the Fiscal Year Ended June 30, 2022

2022

Adopted

Amended

Variance

Budget

Actual

with Budget

REVENUES

Intergovernmental:

Federal

31,064,251

27,087,861

25,679,053

(1,408,808)

State and Local

2,433,519

1,790,224

1,578,978

(211,246)

Other

390,743

463,879

343,007

(120,872)

Total Revenues

33,888,513

29,341,964

27,601,038

(1,740,926)

EXPENDITURES

Instructional:

Salaries and Benefits

14,331,623

13,463,276

13,527,987

(64,711)

Purchased Services

4,760,371

2,254,335

2,007,433

246,902

Supplies and Materials

10,272,998

1,061,992

929,233

132,759

Capital Outlay

85,676

46,255

38,015

8,240

Other

752,329

1,562,266

1,464,627

97,639

Support Services:

Salaries and Benefits

890,191

3,863,856

3,507,855

356,001

Purchased Services

1,188,440

3,371,720

2,895,229

476,491

Supplies and Materials

125,309

3,008,315

2,579,994

428,321

Capital Outlay

1,375,382

Other

106,194

709,949

650,665

59,284

Total Expenditures

33,888,513

29,341,964

27,601,038

1,740,926

NET CHANGE IN FUND BALANCE

FUND BALANCE, Beginning

FUND BALANCE, Ending

DOUGLAS COUNTY SCHOOL DISTRICT RE. 1

Fund 22

Governmental Designated Purpose Grants Fund

Budgetary Comparison Schedule

For the Fiscal Year Ended June 30, 2022

2022

See accompanying independent auditor’s report and note to required supplementary information

See accompanying independent auditor’s report and note to required supplementary information

2022

2021

2020

2019

2018

Contractually required contributions

68,533,136

65,079,443

66,079,687

62,073,862

57,670,732

Contributions in relation to the

contractually required contributions

68,533,136

65,079,443

66,079,687

62,073,862

57,670,732

Contribution deficiency (excess)

District's covered payroll

344,734,085

327,361,385

340,900,760

324,484,391

305,474,654

Contributions as a percentage of

covered payroll

19.88%

19.38%

19.13%

18.88%

DOUGLAS COUNTY SCHOOL DISTRICT RE. 1

Defined Benefit Pension Plan Schedules

Schedule of the District's Contributions - PERA

For The Last Ten Years

Fiscal Year

2017

2016

2015

2014

2013

54,817,551

54,252,218

50,941,245

47,195,796

42,826,213

54,817,551

54,252,218

50,941,245

47,195,796

42,826,213

298,405,538

305,938,048

301,705,262

295,363,179

282,878,082

18.37%

17.73%

16.88%

15.98%

15.14%

See accompanying independent auditor’s report and note to required supplementary information

See accompanying independent auditor’s report and note to required supplementary information

2021

2020

2019

2018

District's proportion of the net pension liability

5.472%

6.193%

5.789%

5.605%

District's proportionate share of the net pension liability

636,750,686

936,328,834

864,936,787

992,546,522

State's proportionate share of the net pension liability

associated with the District

72,995,332

109,706,230

135,716,953

Total

709,746,018

936,328,834

974,643,017

1,128,263,475

District's covered

payroll

336,468,879

333,110,112

342,875,788

323,494,720

District's proportionate share of the net pension liability

189.25%

281.09%

252.26%

306.82%

as a percentage of its covered payroll

Plan fiduciary net position

74.86%

66.99%

64.52%

57.01%

as a percentage of the total pension liability

The amounts presented for each year were determined as of December 31, the measurement date used by the District.

Schedule is intended to include information for ten years. Additional information will be displayed as it becomes available.

Schedule of the District's Proportionate

DOUGLAS COUNTY SCHOOL DISTRICT RE. 1

Share of Net Pension Liability

Last Ten Years*

Defined Benefit Pension Plan Schedules

2017

2016

2015

2014

6.569%

6.525%

6.601%

6.666%

2,124,245,847

1,942,879,251

1,009,505,041

903,520,866

2,124,245,847

1,942,879,251

1,009,505,041

903,520,866

319,201,229

309,240,235

304,134,938

296,685,729

665.49%

628.28%

331.93%

304.54%

43.96%

43.13%

59.16%

62.84%

See accompanying independent auditor’s report and note to required supplementary information

See accompanying independent auditor’s report and note to required supplementary information

2022

2021

2020

2019

2018

Contractually required contributions

3,516,287

3,339,086

3,477,188

3,309,741

3,115,841

Contributions in relation to the

contractually required contributions

3,516,287

3,339,086

3,477,188

3,309,741

3,115,841

Contribution deficiency (excess)

District's covered payroll

344,734,085

327,361,385

340,900,760

324,484,391

305,474,654

Contributions as a percentage of

covered payroll

1.02%

DOUGLAS COUNTY SCHOOL DISTRICT RE. 1

Defined Benefit Pension Plan Schedules

Schedule of the District's Contributions - OPEB

For The Last Ten Years

Fiscal Year

2017

2016

2015

2014

2013

3,043,736

3,120,568

3,077,393

3,033,567

2,885,356

3,043,736

3,120,568

3,077,393

3,033,567

2,885,356

298,405,538

305,938,048

301,705,262

295,363,179

282,878,082

1.02%

See accompanying independent auditor’s report and note to required supplementary information

2021

2020

2019

2018

District's proportion of the OPEB liability

3.573%

3.583%

3.783%

3.643%

District's proportionate share of the net OPEB liability

30,807,156

34,048,351

42,529,387

49,571,265

District's covered payroll

336,468,879

333,110,112

342,875,788

323,494,720

District's proportionate share of the OPEB liability

9.16%

10.22%

12.40%

15.32%

as a percentage of its covered payroll

Plan fiduciary net position as a percentage of the total OPEB liability

39.40%

32.78%

24.49%

17.03%

The amounts presented for each year were determined as of December 31, the measurement date used by the District.

Schedule is intended to include information for ten years. Additional information will be displayed as it becomes available.

DOUGLAS COUNTY SCHOOL DISTRICT RE. 1

Schedule of the District's Proportionate

Share of OPEB Liability

Last Ten Years*

Defined Benefit Pension Plan Schedules

See accompanying independent auditor’s report and note to required supplementary information

2017

2016

3.732%

3.708%

$48,505,220

48,084,618

$319,201,229

309,240,235

15.20%

15.55%

17.53%

16.72%

See accompanying independent auditor’s report and note to required supplementary information

THIS PAGE INTENTIONALLY LEFT BLANK

SUPPLEMENTARY

INFORMATION

THIS PAGE INTENTIONALLY LEFT BLANK

Combined General Funds

Comparative Balance Sheets

Combining Balance Sheet

Combining Schedule of Revenues, Expenditures and

Changes in Fund Balances

Schedule of Expenditures by Object

Schedule of Expenditures by Program

Comparative Schedule of Revenues, Expenditures and

Changes in Fund Balance

100

2022

2021

ASSETS

Cash and Investments

209,935,452

172,021,577

Receivables:

Property Taxes, Net of Allowance for Uncollectible Taxes

11,089,389

10,720,762

Leases

1,035,453

Other

900,090

1,249,254

Due from Other Funds

2,439,714

1,541,718

Inventories

1,658,901

2,029,134

Prepaid Costs

819,171

767,909

Total Assets

227,878,170

188,330,354

LIABILITIES

Due to Other Funds

89,445

Accounts Payable

15,693,486

4,502,933

Accrued Compensation

38,950,241

24,643,822

Unearned Revenues

479,328

580,784

Total Liabilities

55,212,500

29,727,539

DEFERRED INFLOWS OF RESOURCES

Leases

1,000,330

Unavailable Revenue - Property Taxes

3,091,796

3,724,126

Total Deferred Inflows of Resources

4,092,126

3,724,126

FUND BALANCES

Nonspendable:

Inventories & Prepaid Costs

2,478,072

2,797,043

Restricted:

TABOR Emergency Reserve

17,561,600

15,865,400

Medicaid Grant

1,730,576

2,974,795

Committed:

3% Board Reserves

17,561,600

15,865,400

Assigned:

School Carryover

21,001,747

20,464,063

Enterprise Reserves for COVID

1,775,000

Extended Service Severance

77,054

95,803

Facility Use Revenue Share

822,343

1,085,761

Cash in Lieu

8,332,365

6,567,901

2018 Mill Levy Override Carryover

7,522,347

9,262,081

Security and Mental Health Initiatives

2,904,570

823,182

Master Capital Plan Projects in Process

542,137

4,608,340

Literacy Curricular Materials Reserve

2,250,000

Staff Compensation Reserve

10,000,000

Multi-Year Lease Reserve

4,178,498

Sub-fund Carryover

3,293,850

11,090,971

Unassigned

68,316,785

61,602,949

Total Fund Balances

168,573,544

154,878,689

Total Liabilities, Deferred Inflows

of Resources and Fund Balances

227,878,170

188,330,354

DOUGLAS COUNTY SCHOOL DISTRICT RE. 1

Comparative Balance Sheet

Combined General Fund

June 30, 2022 and 2021

101

General

Fund 10

Outdoor

Education

Fund 13

Capital Projects

Fund 14

Transportation

Fund 25

Combined

General

Fund

ASSETS

Cash and Investments

187,580,876

16,764,663

5,589,913

209,935,452

Receivables:

Property Taxes, Net of Allowance

for Uncollectible Taxes

11,089,389

Leases

1,035,453

Other

551,997

239,942

20,424

87,727

900,090

Due from Other Funds

2,439,714

Inventories

880,248

778,653

1,658,901

Prepaid Costs

819,171

Total Assets

204,396,848

239,942

16,785,087

6,456,293

227,878,170

LIABILITIES

Due to Other Funds

89,445

Accounts Payable

8,720,016

53,214

6,612,261

307,995

15,693,486

Accrued Compensation

38,386,346

24,449

539,446

38,950,241

Unearned Revenues

431,559

47,769

479,328

Total Liabilities

47,537,921

214,877

6,612,261

847,441

55,212,500

DEFERRED INFLOWS OF RESOURCES

Leases

1,000,330

Unavailable Revenues - Property Taxes

3,091,796

Total Deferred Inflows of Resources

4,092,126

FUND BALANCES

Nonspendable:

Inventories & Prepaid Costs

1,699,419

778,653

2,478,072

Restricted:

TABOR Emergency Reserve

17,561,600

Medicaid Grant

1,730,576

Committed:

3% Board Reserves

17,561,600

Assigned:

School Carryover

20,003,538

998,209

21,001,747

Extended Service Severance

77,054

Facility Use Revenue Share

822,343

Cash in Lieu

8,332,365

2018 Mill Levy Override Carryover

7,522,347

Mental Health and Security Initiatives

1,043,041

1,861,529

Master Capital Plan Projects in Process

542,137

Literacy Curricular Materials Reserve

2,250,000

Staff Compensation Reserve

10,000,000

Multi-Year Lease Reserve

4,178,498

Sub-fund Carryover

25,065

(1,561,414)

4,830,199

3,293,850

Unassigned

68,316,785

Total Fund Balances

152,766,801

25,065

10,172,826

5,608,852

168,573,544

Total Liabilites, Deferred Inflow

204,396,848

239,942

16,785,087

6,456,293

227,878,170

Resources, an

Fun

ances

DOUGLAS COUNTY SCHOOL DISTRICT RE. 1

Combined General Fund

Combining Balance Sheet

June 30, 2022

102

General

Fund 10

Outdoor

Education

Fund 13

Capital Projects

Fund 14

Transportation

Fund 25

Combined

General

Fund

REVENUES

Property Taxes

290,661,411

Specific Ownership Tax

31,147,922

Intergovernmental State Sources:

Equalization

321,796,077

Special Education

16,402,769

Vocational Education

720,773

Other State

23,204,266

5,062,749

28,267,015

Charges for Services

20,774,575

1,244,314

1,198,027

23,216,916

Contributions and Donations

2,614,791

761

87,900

804,356

3,507,808

Investment Earnings

433,937

Other

6,995,907

2,969,002

8,993

9,973,902

Total Revenues

714,752,428

1,245,075

3,056,902

7,074,125

726,128,530

EXPENDITURES

Current Operating:

Instructional Services

329,607,435

6,954,087

336,561,522

Funding to Charter Schools

160,011,621

Supporting Services:

Pupil Support Services

99,716,382

1,209,411

177,337

101,103,130

Operations and Maintenance

43,296,805

33,683

2,581,316

23,106,995

69,018,799

Central Supporting Services

31,101,746

664,404

31,766,150

Facility Acquisition and Construction

1,481,794

1,000,318

2,482,112

Debt Service - Lease

Principal

1,357,013

Interest

284,157

Total Expenditures

666,856,953

1,243,094

11,377,462

23,106,995

702,584,504

EXCESS (DEFICIENCY) OF

REVENUES OVER EXPENDITURES

47,895,475

1,981

(8,320,560)

(16,032,870)

23,544,026

OTHER FINANCING SOURCES (USES)

Proceeds from Sale of Capital Assets

Transfers In/Out

(26,098,153)

23,084

605,660

15,620,238

(9,849,171)

Total Other Financing Sources (Uses)

(26,098,153)

23,084

605,660

15,620,238

(9,849,171)

NET CHANGES IN FUND BALANCES

21,797,322

25,065

(7,714,900)

(412,632)

13,694,855

FUND BALANCES, Beginning

130,969,479

17,887,726

6,021,484

154,878,689

FUND BALANCES, Ending

152,766,801

25,065

10,172,826

5,608,852

168,573,544

DOUGLAS COUNTY SCHOOL DISTRICT RE. 1

Combining Schedule of Revenues, Expenditures and Changes in Fund Balances

For the Fiscal Year Ended June 30, 2022

Combined General Fund

103

Adopted

Amended

Variance

2021

Budget

Actual

with Budget

Actual

EXPENDITURES

Salaries

330,085,654

345,589,277

332,600,658

12,988,619

301,516,210

Employee Benefits

116,893,560

129,444,462

119,925,047

9,519,415

104,159,897

Purchased Professional Services

8,515,769

10,151,609

8,910,804

1,240,805

6,505,172

Purchased Property Services

10,951,539

12,847,619

12,233,870

613,749

10,271,052

Other Purchased Services

17,942,585

20,838,204

21,692,393

(854,189)

16,731,205

Supplies

78,694,912

79,345,024

33,784,523

45,560,501

24,391,216

Property & Equipment

8,905,040

24,025,645

11,674,529

12,351,116

3,119,186

Other, Chargebacks/Credits

1,988,074

2,424,704

1,751,059

673,645

1,729,149

Total Expenditures

573,977,133

624,666,544

542,572,883

82,093,661

468,423,087

Charter School Allocations

154,309,700

159,859,059

160,011,621

(152,562)

137,809,602

Interfund Transfers, net

7,521,631

9,849,171

7,541,301

Total Expenditures

735,808,464

794,374,774

712,433,675

81,941,099

613,773,990

2022

DOUGLAS COUNTY SCHOOL DISTRICT RE. 1

Schedule of Expenditures by Object - Budget to Actual

Combined General Fund

For the Fiscal Year Ended June 30, 2022

(With Comparative Actual Information for the Year Ended June 30, 2021)

Fiscal Year 2022 and 2021

Combined General Fund Expenditures by Object

104

Fiscal Year 2022 and 2021

Combined General Fund Expenditures by Program

Adopted

Amended

Variance

2021

Budget

Actual

with Budget

Actuals

EXPENDITURES

Instructional:

Instruction

362,580,801

391,216,643

336,561,522

54,655,121

288,288,113

Support - Students

34,890,704

43,000,842

37,410,968

5,589,874

35,306,873

Support - Instruction

18,651,891

22,692,171

23,173,182

(481,011)

16,851,041

Support Services:

Executive Admin Support

4,401,424

4,344,098

3,813,930

530,168

3,244,152

School Admin

38,514,154

39,154,103

40,518,980

(1,364,877)

37,276,450

General Admin

29,217,422

29,851,398

27,952,220

1,899,178

25,053,437

Operations & Maintenance

45,223,902

47,730,305

45,633,030

2,097,275

41,584,825

Transportation

25,472,865

25,793,696

23,385,769

2,407,927

19,150,943

Facility Acquisition and Construction

15,023,970

19,242,118

2,482,112

16,760,006

1,667,253

Debt Service

1,641,170

Total Expenditures

573,977,133

624,666,544

542,572,883

82,093,661

468,423,087

Charter School Allocations

154,309,700

159,859,059

160,011,621

(152,562)

137,809,602

Interfund Transfers, net (for

instructional programs)

4,512,918

5,930,398

3,875,219

Interfund Transfers, net (for

support programs)

3,008,713

3,918,773

3,666,082

Total Expenditures

735,808,464

794,374,774

712,433,675

81,941,099

613,773,990

2022

DOUGLAS COUNTY SCHOOL DISTRICT RE. 1

Schedule of Expenditures by Program - Budget to Actual

Combined General Funds

For the Fiscal Year Ended June 30, 2022

(With Comparative Actual Information for the Year Ended June 30, 2021)

Millions

105

2022

2021

REVENUES

Taxes

321,809,333

295,717,489

Intergovernmental:

State Equalization

321,796,077

293,808,622

Special Education

16,402,769

14,864,032

Vocational Education

720,773

770,460

Other State

28,267,015

18,813,183

Charges for Services

23,216,916

18,014,415

Contributions and Donations

3,507,808

2,501,587

Investment Earnings

433,937

114,766

Other

9,973,902

6,099,413

Total Revenues

726,128,530

650,703,967

EXPENDITURES

Current Operating:

Instructional Services

336,561,522

288,288,113

Charter School Allocations

160,011,621

137,809,602

Supporting Services:

Pupil Support Services

101,103,130

89,434,364

Operations and Maintenance

69,018,799

60,735,768

Central Supporting Services

31,766,150

28,297,589

Facility Acquisition and Construction

2,482,112

1,667,253

Debt Service - Leases

Principal

1,357,013

Interest

284,157

Total Expenditures

702,584,504

606,232,689

EXCESS OF REVENUES OVER EXPENDITURES

23,544,026

44,471,278

OTHER FINANCING SOURCES (USES)

Proceeds from Sale of Capital Assets

148,608

Transfers Out

(9,849,171)

(7,541,301)

Total Other Financing Sources (Uses)

(9,849,171)

(7,392,693)

NET CHANGES IN FUND BALANCES

13,694,855

37,078,585

FUND BALANCES, Beginning

154,878,689

117,800,104

FUND BALANCES, Ending

168,573,544

154,878,689

DOUGLAS COUNTY SCHOOL DISTRICT RE. 1

Comparative Schedule of Revenues, Expenditures and Changes in Fund Balance

For the Fiscal Years Ended June 30, 2022 and 2021

Combined General Funds

106

THIS PAGE INTENTIONALLY LEFT BLANK

107

Combining Balance Sheet

Combining Schedule of Revenues, Expenditures and

Changes in Fund Balances

Nutrition Services National School Lunch

Program (NSLP) Fund

Pupil Activity Fund

Athletics and Activities Fund

Nutrition Services Non-National School Lunch

Program (NSLP) Fund

Child Care Fund

Certificates of Participation Lease Payment Fund

Non-Major Governmental Funds

108

Nutrition

Pupil

Athletics and

Services

COP Lease

Total Non-Major

Services

Activity

Activities

Non-NSLP

Child Care

Payment

Governmental

Fund 21

Fund 23

Fund 26

Fund 28

Fund 29

Fund 39

Funds

ASSETS

Cash and Investments

7,533,689

1,239,213

3,462,248

351,903

5,793,711

2,842

18,383,606

Grants Receivable

2,810,499

4,432

Inventories

931,109

Total Assets

11,275,297

1,239,213

3,466,680

351,903

5,793,711

2,842

22,129,646

LIABILITIES

Accounts Payable

84,674

12,399

817,648

18,677

933,398

Accrued Compensation

218,637

2,814

121,206

461,790

804,447

Unearned Revenues

608,983

23,545

335,102

43,176

1,010,806

Grants Unearned Revenues

879,831

2,349,816

3,229,647

Total Liabilities

1,792,125

15,213

962,399

335,102

2,873,459

5,978,298

FUND BALANCES

Restricted

9,483,172

Assigned

1,224,000

2,504,281

16,801

2,920,252

2,842

6,668,176

Total Fund Balances

9,483,172

1,224,000

2,504,281

16,801

2,920,252

2,842

16,151,348

Total Liabilities and

Fund Balances

11,275,297

1,239,213

3,466,680

351,903

5,793,711

2,842

22,129,646

DOUGLAS COUNTY SCHOOL DISTRICT RE. 1

Non-Major Governmental Funds

Combining Balance Sheet

June 30, 2022

Accounts Receivable

109

Nutrition

Pupil

Athletics and

Services

COP Lease

Total Non-Major

Services

Activity

Activities

Non-NSLP

Child Care

Payment

Governmental

Fund 21

Fund 23

Fund 26

Fund 28

Fund 29

Fund 39

Funds

REVENUES

Intergovernmental

27,103,610

715,579

27,819,189

Charges for Services

4,862,607

1,020,378

9,458,980

9,275,482

24,617,447

Fundraisers and Donations

152,915

2,634,102

2,787,017

Other

69,011

109,247

762

156

179,176

Total Revenues

32,035,228

1,173,293

12,202,329

9,991,823

156

55,402,829

EXPENDITURES

Current Operating:

Instruction

1,031,846

13,446,898

9,225,627

23,704,371

Supporting Services

27,327,533

2,434,810

290,813

30,053,156

Lease Payments:

Principal Retirement

2,080,000

Interest and Fiscal Charges

559,968

Total Expenditures

27,327,533

1,031,846

15,881,708

9,516,440

2,639,968

56,397,495

EXCESS (DEFICIENCY) OF REVENUES

OVER EXPENDITURES

4,707,695

141,447

(3,679,379)

475,383

(2,639,812)

(994,666)

OTHER FINANCING SOURCES

Payment to Refunded Escrow Agen

(12,218,034)

Proceeds from Sale of Capital Asset

5,468

Transfers In

445,352

4,395,546

2,262,045

2,746,228

9,849,171

Total Other Financing Sources

450,820

4,395,546

2,262,045

(9,471,806)

(2,363,395)

5,158,515

141,447

716,167

2,737,428

(12,111,618)

(3,358,061)

FUND BALANCES, Beginning

4,324,657

1,082,553

1,788,114

16,801

182,824

12,114,460

19,509,409

FUND BALANCES, Ending

9,483,172

1,224,000

2,504,281

16,801

2,920,252

2,842

16,151,348

DOUGLAS COUNTY SCHOOL DISTRICT RE. 1

Non-Major Governmental Funds

Combining Statement of Revenues, Expenditures and Changes in Fund Balances

For the Fiscal Year Ended June 30, 2022

NET CHANGES IN FUND BALANCES

110

Adopted

Amended

Variance

2021

Budget

Actual

with Budget

Actual

REVENUES

Intergovernmental:

Federal Government Lunch Program

2,615,958

25,500,000

25,989,318

489,318

16,059,720

Commodity Contribution

895,670

978,018

1,015,326

37,308

790,413

State Match

155,000

98,966

99,403

Food Sales

10,030,300

5,122,000

4,862,607

(259,393)

2,150,842

Other

114,000

66,500

69,011

2,511

111,670

Total Revenues

13,810,928

31,765,484

32,035,228

269,744

19,212,048

EXPENDITURES

Supporting Services:

Food Purchases

5,062,196

11,526,118

11,541,603

(15,485)

6,789,929

Salaries and Benefits

6,972,536

12,231,142

11,387,366

843,776

8,568,517

Purchased Services

405,900

304,500

249,054

55,446

86,951

Supplies and Equipment

809,400

1,536,945

1,521,633

15,312

818,561

Capital Outlay

102,000

3,520,000

454,603

3,065,397

105,609

Other

810,530

2,183,878

2,173,274

10,604

74,050

Total Expenditures

14,162,562

31,302,583

27,327,533

3,975,050

16,443,617

EXCESS (DEFICIENCY) OF REVENUES

(351,634)

462,901

4,707,695

4,244,794

2,768,431

OVER EXPENDITURES

OTHER FINANCING SOURCES

Transfers In

351,634

445,352

Proceeds from Sale of Capital Assets

5,468

18,340

Total Other Financing Sources

351,634

450,820

463,692

NET CHANGE IN FUND BALANCE

913,721

5,158,515

4,244,794

3,232,123

FUND BALANCE, Beginning

4,324,657

1,092,534

FUND BALANCE, Ending

9,483,172

4,324,657

Nutrition Services Fund

2022

(With Comparative Actual Information for the Year Ended June 30, 2021)

DOUGLAS COUNTY SCHOOL DISTRICT RE. 1

Schedule of Revenues, Expenditures and Changes in Fund Balance

For the Fiscal Year Ended June 30, 2022

Fund 21

111

Adopted

Amended

Variance

2021

Budget

Actual

with Budget

Actual

REVENUES

Charges for Services:

Student Fees

710,580

1,210,510

887,570

(322,940)

227,857

Gate Fees

132,807

7,535

Merchandise Sales

Fundraising and Donations

152,915

111,597

Total Revenues

710,580

1,210,510

1,173,292

(37,218)

347,059

EXPENDITURES

Salaries and Benefits

70,110

112,636

(42,526)

45,034

Purchased Services

198,661

536,661

322,156

214,505

4,507

Supplies

1,628,179

1,660,898

539,498

1,121,400

299,970

Capital Outlay

6,613

26,448

(19,835)

6,085

Other

18,781

31,107

(12,326)

25,298

Total Expenditures

1,922,344

2,293,063

1,031,845

1,261,218

380,894

EXCESS (DEFICIENCY) OF REVENUE

(1,211,764)

(1,082,553)

141,447

1,224,000

(33,835)

OVER EXPENDITURES

NET CHANGE IN FUND BALANCE

(1,211,764)

(1,082,553)

141,447

1,224,000

(33,835)

FUND BALANCE, Beginning

1,082,553

1,116,388

FUND BALANCE, Ending

1,224,000

1,082,553

Pupil Activity Fund

2022

(With Comparative Actual Information for the Year Ended June 30, 2021)

DOUGLAS COUNTY SCHOOL DISTRICT RE. 1

Schedule of Revenues, Expenditures and Changes in Fund Balance

For the Fiscal Year Ended June 30, 2022

Fund 23

112

Adopted

Amended

Variance

2021

Budget

Actual

with Budget

Actual

REVENUES

Charges for Services:

Student Fees

3,739,409

3,532,316

(207,093)

2,427,792

Gate Fees

1,436,432

1,252,832

(183,600)

278,632

Merchandise Sales

4,105,528

4,673,832

568,304

3,021,286

Fundraising and Donations

1,602,696

2,634,102

1,031,406

1,322,108

Other

178,072

115,761

109,247

(6,514)

126,548

Total Revenues

11,062,137

10,999,826

12,202,329

1,202,503

7,176,366

EXPENDITURES

Instructional:

Salaries and Benefits

5,283,731

5,443,731

6,029,228

(585,497)

4,846,198

Purchased Services

2,267,799

2,286,593

3,446,354

(1,159,761)

1,601,468

Supplies

3,618,319

4,977,748

3,843,483

1,134,265

2,351,421

Capital Outlay

150,417

111,159

39,258

91,393

Other

396,932

16,674

380,258

27,809

Supporting Services:

Salaries and Benefits

613,868

479,783

134,085

316,350

Purchased Services

1,835,054

1,817,139

1,002,465

814,674

765,461

Supplies

1,823,633

897,916

593,872

304,044

356,165

Capital Outlay

170,214

241,874

248,599

(6,725)

165,010

Other

376,062

357,268

110,091

247,177

57,384

Total Expenditures

16,536,029

17,183,486

15,881,708

1,301,778

10,578,659

EXCESS (DEFICIENCY) OF REVENUES

OVER EXPENDITURES

(5,473,892)

(6,183,660)

(3,679,379)

2,504,281

(3,402,293)

OTHER FINANCING SOURCES

Transfers In

4,156,918

4,395,546

4,091,523

(1,316,974)

(1,788,114)

716,167

2,504,281

689,230

FUND BALANCE, Beginning

1,788,114

1,098,884

FUND BALANCE, Ending

2,504,281

1,788,114

NET CHANGE IN FUND BALANCE

DOUGLAS COUNTY SCHOOL DISTRICT RE. 1

Fund 26

Athletics and Activities Fund

For the Fiscal Year Ended June 30, 2022

(With Comparative Actual Information for the Year Ended June 30, 2021)

2022

Schedule of Revenues, Expenditures and Changes in Fund Balance

113

Adopted

Amended

2021

Budget

Actual

REVENUES

Food Sales

6,727,155

248,891

Total Revenues

6,727,155

248,891

EXPENDITURES

Supporting Services:

Food Purchases

2,588,505

147,298

Salaries and Benefits

3,548,548

11,825

Purchased Services

432,100

50,227

Supplies and Equipment

176,000

128,608

Capital Outlay

48,000

11,938

Other

27,720

Total Expenditures

6,820,873

349,896

(DEFICIENCY) OF REVENUES

OVER EXPENDITURES

(93,718)

(101,005)

OTHER FINANCING SOURCES

Transfers In

93,718

Total Other Financing Sources

93,718

NET CHANGE IN FUND BALANCE

(101,005)

FUND BALANCE, Beginning

16,801

117,806

FUND BALANCE, Ending

16,801

Actual

Variance

with Budget

Nutrition Services Non-NSLP Fund

(With Comparative Actual Information for the Year Ended June 30, 2021)

DOUGLAS COUNTY SCHOOL DISTRICT RE. 1

Schedule of Revenues, Expenditures and Changes in Fund Balance

For the Fiscal Year Ended June 30, 2022

Fund 28

2022

114

Adopted

Amended

2021

Budget

Actual

REVENUES

Charges for Services

13,208,653

8,117,386

9,275,482

1,158,096

5,206,680

Intergovernmental State Funding

3,019,075

715,579

(2,303,496)

889,802

Other

762

58,594

Total Revenues

13,208,653

11,136,461

9,991,823

(1,144,638)

6,155,076

EXPENDITURES

Instructional:

Salaries and Benefits

8,411,783

8,749,407

7,704,220

1,045,187

6,903,981

Purchased Services

1,157,990

894,517

882,970

11,547

289,702

Supplies

633,726

409,782

209,506

200,276

122,903

Other

359,785

359,485

428,931

(69,446)

78,827

Supporting Services:

Salaries and Benefits

812,017

677,837

279,611

398,226

651,860

Purchased Services

19,000

8,253

7,739

514

5,307

Supplies

9,000

3,000

1,594

1,406

865

Other

2,500

266,735

1,869

264,866

134,049

Total Expenditures

11,405,801

11,369,016

9,516,440

1,852,576

8,187,494

EXCESS (DEFICIENCY) OF REVENUES

OVER EXPENDITURES

1,802,852

(232,555)

475,383

707,938

(2,032,418)

OTHER FINANCING SOURCES

Transfers In

487,045

2,262,045

487,045

Total Other Financing Sources

487,045

2,262,045

487,045

NET CHANGE IN FUND BALANCE

2,289,897

2,029,490

2,737,428

707,938

(1,545,373)

FUND BALANCE, Beginning

182,824

1,728,197

FUND BALANCE, Ending

2,920,252

182,824

Actual

Variance

with Budget

Child Care Fund

(With Comparative Actual Information for the Year Ended June 30, 2021)

DOUGLAS COUNTY SCHOOL DISTRICT RE. 1

Schedule of Revenues, Expenditures and Changes in Fund Balance

For the Fiscal Year Ended June 30, 2022

Fund 29

2022

115

Adopted

Amended

Variance

2021

Budget

Actual

with Budget

Actual

REVENUES

Aspen View COP Lease Payment

882,641

Investment Earnings

156

228

Total Revenues

156

882,869

EXPENDITURES

Lease Payments:

Principal Retirement

2,078,700

2,080,000

2,580,000

Interest and Fiscal Charges

353,616

555,904

819,656

Other

6,750

4,064

2,686

4,750

Total Expenditures

2,439,066

2,642,654

2,639,968

2,686

3,404,406

EXCESS (DEFICIENCY) OF REVENUES

OVER EXPENDITURES

(2,439,066)

(2,642,654)

(2,639,812)

2,842

(2,521,537)

OTHER FINANCING SOURCES

Proceeds from COP Refunding

12,098,083

Payment to Refunding Escrow Agent

(12,218,034)

Transfers In

2,432,316

2,746,228

2,517,381

Total Other Financing Sources

2,432,316

(9,471,806)

14,615,464

NET CHANGE IN FUND BALANCE

(6,750)

(12,114,460)

(12,111,618)

2,842

12,093,927

FUND BALANCE, Beginning

12,114,460

20,533

FUND BALANCE, Ending

2,842

12,114,460

2022

DOUGLAS COUNTY SCHOOL DISTRICT RE. 1

Fund 39

Schedule of Revenues, Expenditures and Changes in Fund Balance

For the Fiscal Year Ended June 30, 2022

(With Comparative Actual Information for the Year Ended June 30, 2021)

Certificates of Participation Lease Payment Fund

116

THIS PAGE INTENTIONALLY LEFT BLANK

117

Governmental Designated

Purpose Grant Fund

Comparative Balance Sheets

Schedule of Revenues, Expenditures and

Changes in Fund Balance

118

2022

2021

ASSETS

Grants Receivable

4,829,737

4,707,309

Total Assets

4,829,737

4,707,309

LIABILITIES

Due to Other Funds

2,350,269

1,541,718

Accounts Payable

688,486

1,512,740

Accrued Compensation

1,509,037

1,353,131

Unearned Revenues

281,945

299,720

Total Liabilities

4,829,737

4,707,309

FUND BALANCES

Restricted

Total Fund Balances

Total Liabilities and Fund Balances

4,829,737

4,707,309

DOUGLAS COUNTY SCHOOL DISTRICT RE. 1

Comparative Balance Sheets

Governmental Designated Purpose Grants Fund

June 30, 2022 and 2021

Fund 22

119

Adopted

Amended

Variance

2021

Budget

Actual

with Budget

Actual

REVENUES

Intergovernmental:

Federal

31,064,251

27,087,861

25,679,053

(1,408,808)

39,155,343

State and Local

2,433,519

1,790,224

1,578,978

(211,246)

2,244,840

Other

390,743

463,879

343,007

(120,872)

298,470

Total Revenues

33,888,513

29,341,964

27,601,038

(1,740,926)

41,698,653

EXPENDITURES

Instruction:

Salaries and Benefits

14,331,623

13,463,276

13,527,987

(64,711)

25,550,893

Purchased Services

4,760,371

2,254,335

2,007,433

246,902

1,835,124

Supplies and Materials

10,272,998

1,061,992

929,233

132,759

1,846,351

Capital Outlay

85,676

46,255

38,015

8,240

80,498

Other

752,329

1,562,266

1,464,627

97,639

252,201

Support Services:

Salaries and Benefits

890,191

3,863,856

3,507,855

356,001

3,631,934

Purchased Services

1,188,440

3,371,720

2,895,229

476,491

2,964,360

Supplies and Materials

125,309

3,008,315

2,579,994

428,321

3,635,975

Capital Outlay

1,375,382

1,351,441

Other

106,194

709,949

650,665

59,284

549,876

Total Expenditures

33,888,513

29,341,964

27,601,038

1,740,926

41,698,653

NET CHANGE IN FUND BALANCE

FUND BALANCE, Beginning

FUND BALANCE, Ending

2022

DOUGLAS COUNTY SCHOOL DISTRICT RE. 1

Fund 22

Schedule of Revenues, Expenditures and Changes in Fund Balance

For the Fiscal Year Ended June 30, 2022

Governmental Designated Purpose Grants Fund

(With Comparative Actual Information for the Year Ended June 30, 2021)

120

THIS PAGE INTENTIONALLY LEFT BLANK

121

Bond Redemption Fund

Comparative Balance Sheets

Schedule of Revenues, Expenditures and

Changes in Fund Balance

122

2022

2021

ASSETS

Receivables:

Property Taxes, Net of Allowance for Uncollectible Taxes

1,791,862

1,563,622

Accured Interest on Investments

162,192

12,246

Restricted Cash and Investment

62,063,081

70,937,724

Total Assets

64,017,135

72,513,592

DEFERRED INFLOWS OF RESOURCES

Unavailable - Property Taxes

536,493

700,104

FUND BALANCES

Restricted:

Debt Service

63,480,642

71,813,488

Total Fund Balances

63,480,642

71,813,488

Total Liabilities, Deferred Inflows of Resources

and Fund Balances

64,017,135

72,513,592

DOUGLAS COUNTY SCHOOL DISTRICT RE. 1

Comparative Balance Sheets

Bond Redemption Fund

June 30, 2022 and 2021

Fund 31

123

Adopted

Amended

Variance

2021

Budget

Actual

with Budget

Actual

REVENUES

Property Taxes

60,042,104

65,382,570

65,497,537

114,967

60,010,997

Investment Earnings

35,081

224,466

189,385

125,375

Total Revenues

60,077,185

65,417,651

65,722,003

304,352

60,136,372

EXPENDITURES

Debt Service:

Principal Retirement

36,635,000

55,360,000

35,465,000

Interest and Fiscal Charges

18,691,207

20,467,581

Other

5,500

7,000

3,642

3,358

3,500

Total Expenditures

55,331,707

74,058,207

74,054,849

3,358

55,936,081

EXCESS (DEFICIENCY) OF REVENUES

OVER EXPENDITURES

4,745,478

(8,640,556)

(8,332,846)

307,710

4,200,291

NET CHANGE IN FUND BALANCE

4,745,478

(8,640,556)

(8,332,846)

307,710

4,200,291

FUND BALANCE, Beginning

71,813,488

67,613,197

FUND BALANCE, Ending

63,480,642

71,813,488

2022

(With Comparative Actual Information for the Year Ended June 30, 2021)

DOUGLAS COUNTY SCHOOL DISTRICT RE. 1

Bond Redemption Fund

For the Fiscal Year Ended June 30, 2022

Schedule of Revenues, Expenditures and Changes in Fund Balance

Fund 31

124

THIS PAGE INTENTIONALLY LEFT BLANK

125

Building Fund

Comparative Balance Sheets

Schedule of Revenues, Expenditures and

Changes in Fund Balance

126

2022

2021

ASSETS

Restricted Cash and Investments

47,965,266

138,874,181

Interest Receivable

199,785

812,251

Total Assets

48,165,051

139,686,432

LIABILITIES

Accounts Payable

6,371,220

26,583,092

Retainage Payable

1,168,899

3,152,477

Total Liabilities

7,540,119

29,735,569

FUND BALANCES

Restricted:

Building Expenditures

40,624,932

109,950,863

Total Fund Balances

40,624,932

109,950,863

Total Liabilities and Fund Balances

48,165,051

139,686,432

DOUGLAS COUNTY SCHOOL DISTRICT RE. 1

Building Fund

Comparative Balance Sheets

June 30, 2022 and 2021

Fund 41

127

Adopted

Amended

Variance

2021

Budget

Actual

with Budget

Actual

REVENUES

Investment Earnings (Loss)

1,659,548

(351,295)

(2,010,843)

446,925

Total Revenues

1,659,548

(351,295)

(2,010,843)

446,925

EXPENDITURES

Capital Outlay:

Building and Building Improvements

76,022,464

73,103,023

63,928,058

9,174,965

91,844,337

Equipment

3,050,266

8,214,182

5,046,578

3,167,604

10,498,590

Total Expenditures

79,072,730

81,317,205

68,974,636

12,342,569

102,342,927

EXCESS (DEFICIENCY) OF REVENUES

(77,413,182)

(79,657,657)

(69,325,931)

10,331,726

(101,896,002)

(77,413,182)

(79,657,657)

(69,325,931)

10,331,726

(101,896,002)

FUND BALANCE, Beginning

109,950,863

211,846,865

FUND BALANCE, Ending

40,624,932

109,950,863

NET CHANGE IN FUND BALANCE

OVER EXPENDITURES

DOUGLAS COUNTY SCHOOL DISTRICT RE. 1

Building Fund

Schedule of Revenues, Expenditures and Changes in Fund Balance

For the Fiscal Year Ended June 30, 2022

(With Comparative Actual Information for the Year Ended June 30, 2021)

2022

Fund 41

128

THIS PAGE INTENTIONALLY LEFT BLANK

129

Internal Service Funds

Combining Balance Sheet

Combining Schedule of Revenues, Expenses and

Changes in Fund Net Position

Combining Statement of Cash Flows

Medical Fund

Short Term Disability Fund

130

Short Term

Total Internal

Medical

Disability

Service

Fund 65

Fund 66

Funds

ASSETS

Current Assets:

Cash and Investments

4,602,296

320,724

4,923,020

Prepaid Costs

866,549

103,000

969,549

Total Assets

5,468,845

423,724

5,892,569

LIABILITIES

Current Liabilities:

Accounts Payable

200,336

Accrued Insurance Claims

4,564,400

Total Current Liabilities

4,764,736

NET POSITION

Unrestricted

704,109

423,724

1,127,833

Total Net Position

704,109

423,724

1,127,833

Total Liabilities and Net Position

5,468,845

423,724

5,892,569

DOUGLAS COUNTY SCHOOL DISTRICT RE. 1

Internal Service Funds

Combining Balance Sheet

June 30, 2022

131

Short Term

Total Internal

Medical

Disability

Service

Fund 65

Fund 66

Funds

REVENUES

Premium Revenue

50,788,231

506,075

51,294,306

Other

9,490

Total Revenues

50,797,721

506,075

51,303,796

EXPENSES

Insurance and Claims

52,229,754

524,355

52,754,109

Stop Loss Premiums

710,887

Salaries and Benefits

42,180

Purchased Services

1,064,335

157,630

1,221,965

Supplies

28,816

Total Expenses

54,075,972

681,985

54,757,957

OPERATING

(LOSS)

(3,278,251)

(175,910)

(3,454,161)

NON-OPERATING REVENUES

Investment Earnings

12,940

Total Non-Operating Revenues

12,940

(3,265,311)

(175,910)

(3,441,221)

NET POSITION, Beginning

3,969,420

599,634

4,569,054

NET POSITION, Ending

704,109

423,724

1,127,833

DOUGLAS COUNTY SCHOOL DISTRICT RE. 1

Internal Service Funds

For the Fiscal Year Ended June 30, 2022

Combining Schedule of Revenues, Expenses and Changes in Fund Net Position

CHANGE IN NET POSITION

132

Short Term

Total Internal

Medical

Disability

Service

Fund 65

Fund 66

Funds

CASH FLOWS FROM OPERATING ACTIVITIES:

Receipts from Customers

52,940,259

506,075

53,446,334

Payments to Suppliers

(53,857,336)

(681,985)

(54,539,321)

Payments to Employees

(42,180)

Net Cash (Used by) Operating Activities

(959,257)

(175,910)

(1,135,167)

CASH FLOWS FROM INVESTING ACTIVITIES:

Earnings on Investments

12,940

NET (DECREASE) IN CASH AND CASH EQUIVALENTS

(946,317)

(175,910)

(1,122,227)

CASH AND CASH EQUIVALENTS, Beginning

5,548,613

496,634

6,045,247

CASH AND CASH EQUIVALENTS, Ending

4,602,296

320,724

4,923,020

RECONCILIATION OF OPERATING

INCOME TO NET

CASH (USED BY) PROVIDED TO OPERATING ACTIVITIES:

Operating (Loss)

(3,278,251)

(175,910)

(3,454,161)

Changes in Assets and Liabilities:

Change in Prepaid Costs

2,138,883

Change in Accounts Receivable

3,655

Change in Accounts Payable

199,656

Change in Accrued Insurance Claims

(23,200)

Total Adjustments

2,318,994

NET CASH (USED BY) OPERATING ACTIVITIES

(959,257)

(175,910)

(1,135,167)

DOUGLAS COUNTY SCHOOL DISTRICT RE. 1

Combining Statement of Cash Flows

Internal Service Funds

For the Fiscal Year Ended June 30, 2022

133

Adopted

Amended

2021

Budget

Actual

REVENUES

Health Revenue

51,586,909

50,586,909

47,592,054

(2,994,855)

50,624,110

Dental Revenue

3,667,831

3,196,177

(471,654)

3,305,586

Other

24,500

9,490

(15,010)

34,123

Total Revenues

55,279,240

54,279,240

50,797,721

(3,481,519)

53,963,819

EXPENSES

Health Plan

53,435,993

53,128,104

49,012,868

4,115,236

54,521,618

Dental Plan

3,279,609

3,216,886

62,723

2,953,829

Stop Loss Premiums

744,403

710,887

33,516

684,848

Salaries and Benefits

2,657,401

47,401

42,180

5,221

38,051

Purchased Services

1,025,540

1,064,335

(38,795)

943,321

Supplies

43,500

28,816

14,684

51,557

Total Expenses

61,186,446

58,268,557

54,075,972

4,192,585

59,193,224

OPERATING (LOSS)

(5,907,206)

(3,989,317)

(3,278,251)

711,066

(5,229,405)

NON-OPERATING

REVENUES

Investment Earnings

19,897

12,940

(6,957)

15,318

Total Non-Operating Revenues

19,897

12,940

(6,957)

15,318

(5,887,309)

(3,969,420)

(3,265,311)

704,109

(5,214,087)

NET POSITION, Beginning

3,969,420

9,183,507

NET POSITION, Ending

704,109

3,969,420

Internal Service Funds

Fund 65

2022

(With Comparative Actual Information for the Year Ended June 30, 2021)

DOUGLAS COUNTY SCHOOL DISTRICT RE. 1

CHANGE IN NET POSITION

Schedule of Revenues, Expenses and Changes in Fund Net Position

For the Fiscal Year Ended June 30, 2022

Actual

Medical Fund

Variance

with Budget

134

Adopted

Amended

2021

Budget

Actual

REVENUES

Short Term Disability Revenue

512,275

506,075

(6,200)

498,133

Total Revenues

512,275

506,075

(6,200)

498,133

EXPENSES

Claims

440,670

492,366

524,355

(31,989)

437,901

Purchased Services

190,000

157,630

32,370

165,204

Total Expenses

630,670

682,366

681,985

381

603,105

OPERATING (LOSS)

(118,395)

(170,091)

(175,910)

(5,819)

(104,972)

(118,395)

(170,091)

(175,910)

(5,819)

(104,972)

NET POSITION, Beginning

599,634

704,606

NET POSITION, Ending

423,724

599,634

Internal Service Funds

Fund 66

2022

(With Comparative Actual Information for the Year Ended June 30, 2021)

DOUGLAS COUNTY SCHOOL DISTRICT RE. 1

CHANGE IN NET POSITION

Schedule of Revenues, Expenses and Changes in Fund Net Position

For the Fiscal Year Ended June 30, 2022

Actual

Short Term Disability Fund

Variance

with Budget

135

Fiduciary Fund

Private Purpose Trust Scholarship Fund

136

Fiduciary Fund

Adopted

Amended

Variance

2021

Budget

Actual

with Budget

Actual

ADDITIONS

Contributions

48,000

56,617

Total Additions

48,000

56,617

DEDUCTIONS

Grants and Scholarships

60,000

56,750

52,000

Total Deductions

60,000

56,750

52,000

CHANGE IN NET POSITION

(12,000)

(8,750)

4,617

NET POSITION, Beginning

41,629

37,012

NET POSITION, Ending

32,879

41,629

DOUGLAS COUNTY SCHOOL DISTRICT RE. 1

2022

Fund 75

Schedule of Changes in Fiduciary Net Position - Budget to Actual

For the Fiscal Year Ended June 30, 2022

Private Purpose Trust Scholarship Fund

(With Comparative Actual Information for the Year Ended June 30, 2021)

137

Discretely Presented Component Units

(Charter Schools)

Combining Statement of Net Position

Combining Statement of Activities

Component Units

(Charter Schools)

Component units (Charter Schools) have separate governing boards but are dependent upon the District for the majority of their

funding. Charter Schools are responsible for their own audits.

138

Academy

Charter School

American

Academy

Aspen View

Academy

Ben Franklin

Academy

Charter

School

Challenge to

Excellence

Charter

School

ASSETS

Cash and Investments

5,631,390

9,185,336

3,701,143

7,752,226

3,243,181

Accounts Receivable

26,569

72,271

61,671

13,393

Inventories

9,975

Prepaid Costs & Other Assets

289,350

559,766

8,483

Deposits

Restricted Cash and Investments

606,292

4,335,389

11,316,739

1,924,294

6,301,675

Capital Assets, Not Being Depreciated

1,435,046

3,657,167

17,095,277

1,603,455

Capital Assets, Net of Accumulated

Depreciation

4,636,841

43,991,762

11,965,499

16,860,440

2,501,635

Total Assets

12,625,488

61,801,691

44,150,304

26,536,960

13,671,822

DEFERRED OUTFLOWS OF RESOURCES

Related to Pensions

1,685,196

8,371,924

2,860,051

2,177,968

1,220,952

Related to OPEB

27,378

310,274

71,525

48,048

32,890

Loss on Debt Refunding

360,231

916,306

73,243

Total Deferred Outflows of Resources

2,072,805

9,598,504

2,931,576

2,226,016

1,327,085

LIABILITIES

Accounts Payable

12,582

428,668

2,189,239

119,788

143,766

Accrued Liabilities

497,644

393,265

2,310

Accrued Compensation

287,438

661,600

641,169

204,657

Accrued Interest Payable

8,244

228,071

116,546

382,950

8,624

Unearned Revenues

175,570

11,215

Non-Current Liabilities:

Due Within One Year

269,408

445,149

575,000

544,417

5,009,927

Due in More Than One Year

5,081,711

63,566,741

37,819,712

20,785,847

6,313,148

Pension Liability

5,770,508

25,347,740

8,828,094

7,557,414

4,573,470

OPEB Liability

279,179

1,226,329

427,107

365,630

221,266

Total Liabilities

11,709,070

92,079,868

50,453,342

30,801,695

16,477,168

DEFERRED INFLOWS OF RESOURCES

Related to Pension

3,475,927

12,682,486

4,652,401

3,208,976

2,105,370

Related to OPEB

125,186

958,008

151,373

150,683

93,216

Total Deferred Inflows of Resources

3,601,113

13,640,494

4,803,774

3,359,659

2,198,586

NET POSITION

Net Investment in Capital Assets

1,527,748

6,374,765

(9,333,936)

(4,469,824)

(7,217,985)

Restricted for:

Emergencies

206,500

900,000

305,360

275,194

173,100

Debt Service, Repairs

598,048

4,335,389

1,541,344

6,293,051

Capital Projects

Unrestricted

(2,944,186)

(45,930,321)

853,340

(2,745,092)

(2,925,013)

Total Net Position

(611,890)

(34,320,167)

(8,175,236)

(5,398,378)

(3,676,847)

DOUGLAS COUNTY SCHOOL DISTRICT RE1

Discretely Presented Component Units

Combining Statement of Net Position

June 30, 2022

139

DCS

Montessori

Charter School

Global Village

Academy

Hope Online

Learning

Academy Co-Op

Leman

Classical

Academy

North Star

Academy

ASSETS

Cash and Investments

2,127,487

490,824

2,168,973

5,483,678

3,348,344

Accounts Receivable

13,891

64,845

649,624

20,840

34,048

Inventories

Prepaid Costs & Other Assets

68,365

396,833

33,603

Deposits

11,200

132,671

Restricted Cash and Investments

1,124,832

623,060

3,158,450

1,366,658

Capital Assets, Not Being Depreciated

520,065

181,788

2,109,522

489,207

Capital Assets, Net of Accumulated

Depreciation

5,300,507

87,542

1,960,622

26,261,723

6,519,825

Total Assets

9,155,147

654,411

6,113,571

37,034,213

11,791,685

DEFERRED OUTFLOWS OF RESOURCES

Related to Pensions

1,145,565

842,604

1,056,270

2,820,476

1,740,931

Related to OPEB

33,943

56,960

25,448

215,752

65,285

Loss on Debt Refunding

278,541

1,768,408

Total Deferred Outflows of Resources

1,458,049

899,564

1,081,718

3,036,228

3,574,624

LIABILITIES

Accounts Payable

30,518

79,968

1,427,585

68,643

1,215

Accrued Liabilities

86,970

Accrued Compensation

174,644

128,776

285,636

350,875

Accrued Interest Payable

168,100

82,384

828,269

76,442

Unearned Revenues

116,566

Non-Current Liabilities:

Due Within One Year

315,000

1,616,281

419,665

445,610

Due in More Than One Year

6,642,834

1,802,000

34,169,517

10,921,783

Pension Liability

4,989,770

3,021,940

5,981,791

5,325,689

6,615,357

OPEB Liability

241,406

146,214

289,401

257,658

320,053

Total Liabilities

12,678,838

5,075,563

10,007,412

40,935,412

18,731,335

DEFERRED INFLOWS OF RESOURCES

Related to Pension

2,340,014

1,216,816

5,857,935

2,002,300

3,340,763

Related to OPEB

102,267

53,149

1,166,253

91,019

121,040

Total Deferred Inflows of Resources

2,442,281

1,269,965

7,024,188

2,093,319

3,461,803

NET POSITION

Net Investment in Capital Assets

(858,721)

87,542

(79,255)

(5,499,924)

(2,617,430)

Restricted for:

Emergencies

177,117

123,864

623,060

315,000

214,000

Debt Service, Repairs

1,235,273

1,966,188

1,290,216

Capital Projects

Unrestricted

(5,061,592)

(5,002,959)

(10,380,116)

260,446

(5,713,615)

Total Net Position

(4,507,923)

(4,791,553)

(9,836,311)

(2,958,290)

(6,826,829)

DOUGLAS COUNTY SCHOOL DISTRICT RE1

Discretely Presented Component Units (Continued)

Combining Statement of Net Position

June 30, 2022

140

Parker Core

Knowledge

Parker

Performing

Arts

Platte River

Academy

Renaissance

Secondary

School

SkyView

Academy

Charter

School

ASSETS

Cash and Investments

4,522,787

1,907,293

2,341,649

943,917

5,426,790

Accounts Receivable

18,406

74,217

174,052

37,251

97,684

Inventories

Prepaid Costs & Other Assets

88,171

8,246

23,994

88,512

Deposits

8,995

Restricted Cash and Investments

304,358

231,125

518,099

1,118,201

3,318,047

Capital Assets, Not Being Depreciated

646,135

553,332

3,534,756

Capital Assets, Net of Accumulated

Depreciation

7,815,887

17,100,940

3,118,657

9,586,958

17,063,498

Total Assets

13,404,739

19,321,821

6,705,789

11,710,321

29,529,287

DEFERRED OUTFLOWS OF RESOURCES

Related to Pensions

2,228,686

1,679,657

1,691,303

1,205,945

3,743,251

Related to OPEB

48,954

48,029

40,163

104,895

82,738

Loss on Debt Refunding

385,398

730,165

Total Deferred Outflows of Resources

2,663,038

1,727,686

2,461,631

1,310,840

3,825,989

LIABILITIES

Accounts Payable

284,424

83,664

9,822

24,093

495

Accrued Liabilities

232,016

Accrued Compensation

356,012

453,679

173,140

585,469

Accrued Interest Payable

24,512

44,135

76,900

55,963

715,263

Unearned Revenues

28,579

53,737

4,650

3,658

Non-Current Liabilities:

Due Within One Year

227,177

150,000

12,210,000

528,712

Due in More Than One Year

8,201,693

19,486,660

5,558,624

26,796,136

Pension Liability

7,625,604

6,151,438

5,539,545

3,238,133

12,433,729

OPEB Liability

368,928

297,608

267,971

156,664

601,548

Total Liabilities

16,992,933

26,473,254

12,061,191

15,861,651

41,661,436

DEFERRED INFLOWS OF RESOURCES

Related to Pension

3,796,917

3,257,896

3,209,552

1,581,083

7,880,129

Related to OPEB

132,319

127,469

104,908

59,932

241,648

Total Deferred Inflows of Resources

3,929,236

3,385,365

3,314,460

1,641,015

8,121,777

NET POSITION

Net Investment in Capital Assets

418,550

(2,385,720)

(1,288,231)

(1,504,841)

(6,471,746)

Restricted for:

Emergencies

264,000

224,200

175,952

112,800

398,088

Debt Service, Repairs

279,846

231,125

518,099

2,602,784

Capital Projects

250,000

Unrestricted

(6,066,788)

(6,878,717)

(5,614,051)

(3,089,464)

(12,957,063)

Total Net Position

(4,854,392)

(8,809,112)

(6,208,231)

(4,481,505)

(16,427,937)

DOUGLAS COUNTY SCHOOL DISTRICT RE1

Discretely Presented Component Units (Continued)

Combining Statement of Net Position

June 30, 2022

141

STEM School

World

Compass

Academy

Totals

ASSETS

Cash and Investments

13,426,170

2,601,773

74,302,961

Accounts Receivable

111,443

137,195

1,607,400

Inventories

9,975

Prepaid Costs & Other Assets

59,656

116,084

1,741,063

Deposits

152,866

Restricted Cash and Investments

11,603,315

2,222,004

50,072,538

Capital Assets, Not Being Depreciated

2,370,970

2,009,863

36,206,583

Capital Assets, Net of Accumulated

Depreciation

22,451,954

15,592,499

212,816,789

Total Assets

50,023,508

22,679,418

376,910,175

DEFERRED OUTFLOWS OF RESOURCES

Related to Pensions

5,073,609

1,904,818

41,449,206

Related to OPEB

124,220

69,526

1,406,028

Loss on Debt Refunding

4,512,292

Total Deferred Outflows of Resources

5,197,829

1,974,344

47,367,526

LIABILITIES

Accounts Payable

2,907,577

75,076

7,887,123

Accrued Liabilities

391,765

119,560

1,723,530

Accrued Compensation

538,046

4,841,141

Accrued Interest Payable

318,995

310,827

3,446,225

Unearned Revenues

254,668

648,727

Non-Current Liabilities:

Due Within One Year

340,000

322,500

23,418,846

Due in More Than One Year

37,155,195

22,587,500

306,889,101

Pension Liability

15,631,288

6,031,700

134,663,210

OPEB Liability

756,243

291,815

6,515,020

Total Liabilities

58,039,109

29,993,646

490,032,923

DEFERRED INFLOWS OF RESOURCES

Related to Pension

8,449,146

2,708,480

71,766,191

Related to OPEB

291,026

109,118

4,078,614

Total Deferred Inflows of Resources

8,740,172

2,817,598

75,844,805

NET POSITION

Net Investment in Capital Assets

(12,672,271)

(5,307,638)

(51,298,917)

Restricted for:

Emergencies

575,000

223,100

5,286,335

Debt Service, Repairs

11,574,337

1,911,177

34,376,877

Capital Projects

250,000

Unrestricted

(11,035,010)

(4,984,121)

(130,214,322)

Total Net Position

(11,557,944)

(8,157,482)

(141,600,027)

DOUGLAS COUNTY SCHOOL DISTRICT RE1

Discretely Presented Component Units (Continued)

Combining Statement of Net Position

June 30, 2022

142

Functions/Programs

Academy

Charter School

American

Academy

Aspen View

Academy

Ben Franklin

Academy

EXPENSES

Instruction

2,153,050

8,494,541

3,534,020

1,973,409

Supporting Services

1,522,950

7,138,581

3,414,604

4,338,489

Interest on Long-Term Debt

201,767

2,284,888

991,511

825,102

Business Type Activities

176,906

Total Expenses

3,877,767

17,918,025

8,117,041

7,137,000

PROGRAM REVENUES

Charges for Services

138,648

2,920,247

826,883

627,743

Capital Grants and Contributions

197,841

270,188

Operating Grants and Contributions

214,690

(571,682)

344,217

(47,833)

Total Program Revenues

551,179

2,348,565

1,441,288

579,910

Net Program Expenses

(3,326,588)

(15,569,460)

(6,675,753)

(6,557,090)

GENERAL REVENUES

Per Pupil Operating Revenue

5,704,718

21,934,618

7,995,576

7,691,436

Mill Levy

794,338

3,056,991

1,115,340

1,073,461

Capital Construction

766,951

266,617

Investment Earnings

13,068

29,366

12,935

Contributions and Grants

691,232

198,987

5,488

Other

85,238

780,052

271,635

1,157,182

Total General Revenues and Transfers

6,597,362

27,259,210

9,581,538

10,207,119

CHANGE IN NET POSITION

3,270,774

11,689,750

2,905,785

3,650,029

NET POSITION, Beginning, as restated

(3,882,664)

(46,009,917)

(11,081,021)

(9,048,407)

NET POSITION, Ending

(611,890)

(34,320,167)

(8,175,236)

(5,398,378)

DOUGLAS COUNTY SCHOOL DISTRICT RE. 1

Discretely Presented Component Units

Combining Statement of Activities

For the Fiscal Year Ended June 30, 2022

143

Functions/Programs

Challenge to

Excellence

Charter School

DCS

Montessori

Charter School

Global Village

Academy

Hope Online

Learning

Academy Co-Op

EXPENSES

Instruction

881,339

1,775,414

1,403,629

15,237,250

Supporting Services

2,020,533

2,110,791

2,066,872

558,247

Interest on Long-Term Debt

469,335

367,122

46,351

87,750

Business Type Activities

320,869

Total Expenses

3,371,207

4,253,327

3,516,852

16,204,116

PROGRAM REVENUES

Charges for Services

234,878

2,095,837

59,100

Capital Grants and Contributions

114,328

Operating Grants and Contributions

61,352

(19,887)

262,646

2,230,738

Total Program Revenues

296,230

2,075,950

436,074

2,230,738

Net Program Expenses

(3,074,977)

(2,177,377)

(3,080,778)

(13,973,378)

GENERAL REVENUES

Per Pupil Operating Revenue

4,653,931

3,773,166

3,273,333

18,869,689

Mill Levy

641,620

525,289

459,328

Capital Construction

185,047

129,512

Investment Earnings

7,460

(1,032)

2,862

Contributions and Grants

284,066

Other

500

25,709

8,491

Total General Revenues and Transfers

5,488,558

4,736,710

3,741,152

18,872,551

CHANGE IN NET POSITION

2,413,581

2,559,333

660,374

4,899,173

NET POSITION, Beginning, as restated

(6,090,428)

(7,067,256)

(5,451,927)

(14,735,484)

NET POSITION, Ending

(3,676,847)

(4,507,923)

(4,791,553)

(9,836,311)

DOUGLAS COUNTY SCHOOL DISTRICT RE. 1

Non-Major Discretely Presented Component Units (Continued)

Combining Statement of Activities

For the Fiscal Year Ended June 30, 2022

144

Functions/Programs

Leman Academy

of Excellence

North Star

Academy

Parker Core

Knowledge

Parker

Performing

Arts

Platte River

Academy

EXPENSES

Instruction

4,793,310

3,123,102

2,587,364

749,076

2,792,778

Supporting Services

5,222,346

2,002,560

2,717,081

2,407,647

1,209,486

Interest on Long-Term Debt

564,148

397,975

1,379,488

290,777

Business Type Activities

1,748,871

27,795

Total Expenses

11,764,527

5,717,605

5,702,420

4,536,211

4,293,041

PROGRAM REVENUES

Charges for Services

1,882,293

1,221,966

1,138,624

295,863

510,501

Capital Grants and Contributions

462,144

194,566

Operating Grants and Contributions

(55,751)

(39,706)

390,344

(6,467)

(67,829)

Total Program Revenues

2,288,686

1,376,826

1,528,968

289,396

442,672

Net Program Expenses

(9,475,841)

(4,340,779)

(4,173,452)

(4,246,815)

(3,850,369)

GENERAL REVENUES

Per Pupil Operating Revenue

8,566,902

5,613,210

6,028,677

5,744,292

4,347,886

Mill Levy

1,202,145

787,670

843,101

787,934

608,520

Capital Construction

209,006

197,097

151,395

Investment Earnings

7,929

9,178

(61,442)

Contributions and Grants

177,282

293,258

339,019

146,199

Other

61,408

5,735

598,597

127,547

22,076

Total General Revenues and Transfers

9,830,455

6,591,826

7,981,817

7,195,889

5,214,634

CHANGE IN NET POSITION

354,614

2,251,047

3,808,365

2,949,074

1,364,265

NET POSITION, Beginning, as restated

(3,312,904)

(9,077,876)

(8,662,757)

(11,758,186)

(7,572,496)

NET POSITION, Ending

(2,958,290)

(6,826,829)

(4,854,392)

(8,809,112)

(6,208,231)

DOUGLAS COUNTY SCHOOL DISTRICT RE. 1

Discretely Presented Component Units (Continued)

Combining Statement of Activities

For the Fiscal Year Ended June 30, 2022

145

Functions/Programs

Renaissance

Secondary

School

SkyView

Academy

Charter School

STEM School

World

Compass

Academy

Totals

EXPENSES

Instruction

1,126,250

2,543,801

4,407,310

1,110,335

58,685,978

Supporting Services

2,306,044

4,778,959

4,705,912

3,383,053

51,904,155

Interest on Long-Term Debt

671,550

1,430,525

1,504,205

1,248,506

12,761,000

Business Type Activities

297,875

546,169

3,118,500

Total Expenses

4,103,844

9,051,160

11,163,596

5,741,894

126,469,633

PROGRAM REVENUES

Charges for Services

1,121,108

1,211,882

432,118

653,353

15,371,044

Capital Grants and Contributions

91,105

1,330,172

Operating Grants and Contributions

199,239

63,243

255,721

66,218

3,279,253

Total Program Revenues

1,411,452

1,275,125

687,839

719,571

19,980,469

Net Program Expenses

(2,692,392)

(7,776,035)

(10,475,757)

(5,022,323)

(106,489,164)

GENERAL REVENUES

Per Pupil Operating Revenue

2,820,365

10,859,189

14,401,906

5,837,544

138,116,438

Mill Levy

395,766

1,506,308

2,000,416

809,713

16,607,940

Capital Construction

370,375

524,301

197,990

2,998,291

Investment Earnings

2,325

2,387

53,445

5,351

83,832

Contributions and Grants

453,150

3,485

38,051

2,630,217

Other

4,531

108,934

2,163,540

5,200

5,426,375

Total General Revenues and Transfers

3,222,987

13,300,343

19,147,093

6,893,849

165,863,093

CHANGE IN NET POSITION

530,595

5,524,308

8,671,336

1,871,526

59,373,929

NET POSITION, Beginning, as restated

(5,012,100)

(21,952,245)

(20,229,280)

(10,029,008)

(200,973,956)

NET POSITION, Ending

(4,481,505)

(16,427,937)

(11,557,944)

(8,157,482)

(141,600,027)

DOUGLAS COUNTY SCHOOL DISTRICT RE. 1

Discretely Presented Component Units (Continued)

Combining Statement of Activities

For the Fiscal Year Ended June 30, 2022

146

THIS PAGE INTENTIONALLY LEFT BLANK

147

STATISTICAL

SECTION

148

THIS PAGE INTENTIONALLY LEFT BLANK

149

DOUGLAS COUNTY SCHOOL DISTRICT RE. 1

Listing of Statistical Information

The Statistical Section presents detailed information that assists users in utilizing the basic financial statements, related notes to

the financial statements as well as required and other supplementary information to assess the condition of Douglas County

School District Re.1.

Financial Trends Data

....................................................................................................................................

150-157

These schedules show trend information to help the reader understand the District’s performance and financial position over

time.

Net Position by Component

Change in Net Position

Fund Balances, Governmental Funds

Change in Fund Balances, Governmental Funds

Revenue Capacity Data

..................................................................................................................................

158-163

These schedules present property tax information related to the District.

Assessed Value and Estimated Actual Value of Taxable Property

Direct and Overlapping Property Tax Rates

Principal Property Tax Payers

Property Tax Levies and Collections

Debt Capacity Data

.........................................................................................................................................

164-173

These schedules present information regarding the District’s levels of outstanding debt and other related information.

Ratios of Outstanding Debt by Type

Ratios of

Net General Bonded Debt Outstanding

Estimated Overlapping General Obligation Debt

Legal Debt Margin

Demographic and Economic Statistics

..........................................................................................................

174-175

These schedules provide demographic and economic indicators relative to the District.

Demographic and Economic Statistics

Principal Employers

Operating Information

....................................................................................................................................

176-180

These schedules contain service and infrastructure data pertaining to the District operations for the last ten years.

Full-time Equivalent District Employees by Function/Program

Operating Indicators

Capital Asset Statistics by Type

Note: Unless otherwise noted, the information in these schedules is derived from internal sources.

150

2022

2021

2020

General Activities:

Net Investment in Capital Assets

423,650,011

372,855,713

363,201,591

Restricted

88,291,789

104,218,835

86,916,311

Unrestricted

(707,113,885)

(985,242,693)

(1,266,898,849)

Total Governmental Activities Net Position

(195,172,085)

(508,168,145)

(816,780,947)

Business-type Activities

Net Investment in Capital Assets

Restricted

Unrestricted

Total Business-type Activities Net Position

Primary Government

Net Investment in Capital Assets

423,650,011

372,855,713

363,201,591

Restricted

88,291,789

92,120,752

86,916,311

Unrestricted

(707,113,885)

(973,144,610)

(1,266,898,849)

Total Primary Government Net Position

(195,172,085)

(508,168,145)

(816,780,947)

(1)

In fiscal year 2019, the District restated beginning net position/fund balance due to the reclassification of the

agency fund to non-major special revenue fund. In accordance with GASB Statement No. 84,

Fiduciary Activities,

the District has reclassified the Pupil Activities Fund from a Fiduciary Fund to a Special Revenue Fund.

Balances prior to 2019 have not been restated for these accounting changes.

(2)

In fiscal year 2017, the District restated beginning balance net position/fund balance due to the adoption of GASB

Statement No. 75,

Accounting and Financial Reporting for Post Employment Benefits Other Than Pension.

In addition, the District restated Nutrition Services Funds 21 and 28 due to the omission of accounts receivable

and unearned revenues.

(3)

In fiscal year 2015, the District restated beginning net position/fund balance due to reclassification of non-major

enterprise funds to non-major special revenue funds. Consistent with the guidance from the Colorado Department

of Education and in accordance with GASB Statement No. 54,

Fiduciary Funds,

management of the District

has reclassified the Nutrition Services Fund and Child Care Fund from an enterprise fund to a special revenue fund,

and the Outdoor Education Fund as part of the Combined General Fund.

In addition, during fiscal year 2015, the District adopted GASB Statement No. 68,

Accounting and Financial

Reporting for Pensions

, which requires the District to record its proportionate share of PERA's net pension

liability and related deferred inflows and outflows of resources in the government-wide financial statement.

Balances prior to 2015 are shown as originally presented and have not been restated for these accounting changes.

DOUGLAS COUNTY SCHOOL DISTRICT RE. 1

Net Position by Component

Last Ten Fiscal Years

151

Table 1

Restated

2019

(1)

2018

2017

(2)

2016

2015

(3)

2014

2013

340,650,911

320,514,061

300,050,580

266,307,934

223,953,589

195,973,287

174,072,099

81,677,807

78,274,093

85,827,425

87,678,033

102,440,756

95,722,952

74,749,578

(1,429,010,082)

(1,573,314,701)

(1,188,832,840)

(829,825,456)

(800,342,280)

45,382,747

72,738,537

(1,006,681,364)

(1,174,526,547)

(802,954,835)

(475,839,489)

(473,947,935)

337,078,986

321,560,214

3,528,490

3,290,033

4,526,262

839,446

8,054,752

4,129,479

340,650,911

320,514,061

300,050,580

266,307,934

223,953,589

199,501,777

177,362,132

81,677,807

78,274,093

85,827,425

87,678,033

102,440,756

95,722,952

74,749,578

(1,429,010,082)

(1,573,314,701)

(1,188,832,840)

(829,825,456)

(800,342,280)

49,909,009

73,577,983

(1,006,681,364)

(1,174,526,547)

(802,954,835)

(475,839,489)

(473,947,935)

345,133,738

325,689,693

152

(1)

In fiscal year 2019, the District restated beginning net position/fund balance due to the reclassification of the agency fund to

non-major special revenue fund. In accordance with GASB Statement No. 84,

Fiduciary Activities,

the District has

reclassified the Pupil Activities Fund from a Fiduciary Fund to a Special Revenue Fund. Balances prior to 2019 have not

been restated for these accounting changes.

2022

2021

2020

EXPENSES

Governmental Activities:

Instruction

181,432,023

152,779,508

249,946,956

Supporting Services

192,394,856

165,281,130

192,834,057

Payment to Component Units

(2)

160,011,621

137,809,602

153,937,969

Interest on Long-Term Debt

20,500,936

21,929,753

23,269,63

Total Governmental Activity Expenses

554,339,436

477,799,993

619,988,621

Business-type Activities:

Nutrition Services

Non-Major Enterprise Funds

Total Business-type Activities Expenses

Total Primary Governmental Expenses

554,339,436

477,799,993

619,988,621

PROGRAM REVENUES

Governmental Activities:

Charges for Services

47,834,362

27,990,71

53,385,531

Operating Grants and Contributions

100,467,777

93,326,049

49,786,15

Capital Grants and Contributions

Total Governmental Activities Revenues

148,302,139

121,316,759

103,171,687

Business-type Activities:

Charges for Services - Nutrition Services

Operating Grants and Contributions

Charges for Services - Non-Major Enterprise Funds

Total Business-type Activities

Total Primary Governmental Program Revenues

148,302,139

121,316,759

103,171,687

Net (Expense) Revenue

Governmental Activities

(406,037,297)

(356,483,234)

(516,816,934)

Business-type Activities

Total Primary Governmental Net Expense

(406,037,297)

(356,483,234)

(516,816,934)

GENERAL REVENUES AND OTHER CHANGES IN NET POSITION

Governmental Activities:

Property Taxes

355,363,007

322,974,647

318,364,477

Specific Ownership Taxes

31,147,922

31,547,273

25,595,80

State Equalization

321,796,077

294,169,769

335,347,882

Investment Earnings

320,048

702,384

10,638,873

Grants and Contributions not Specific to Programs

6,294,825

3,935,292

11,633,777

Othe

4,111,478

11,766,671

5,136,54

Transfers

Total Governmentalal Activities

719,033,357

665,096,036

706,717,351

Business-type Activities:

Othe

Transfers

Total Business-type Activities

Total Primary Governmental General Revenues

719,033,357

665,096,036

706,717,351

CHANGE IN NET POSITION

Governmental Activities

312,996,06

308,612,802

189,900,417

Business-type Activities

TOTAL CHANGE IN NET POSITION

312,996,06

308,612,802

189,900,417

DOUGLAS COUNTY SCHOOL DISTRICT RE. 1

Change in Net Position

Last Ten Fiscal Years

153

(2)

In fiscal year 2015, the District restated beginning net position/fund balance due to reclassification of non-major enterprise

funds to non-major special revenue funds. Consistent with the guidance from the Colorado Department of Education and in

accordance with GASB Statement No. 54,

Fiduciary Funds,

management of the District has reclassified the Nutrition

Services Fund and Child Care Fund from an enterprise fund to a special revenue fund, and the Outdoor Education Fund as

part of the Combined General Fund.

(3)

Increased due to the adoption of GASB Statement No. 68,

Accounting and Financial Reporting for Pensions,

beginning in

2015.

Table 2

2019

2018

2017

2016

2015

(2)(3)

2014

2013

254,172,228

575,136,21

484,977,831

329,000,833

301,623,918

274,095,30

270,892,918

194,903,578

358,768,35

345,400,596

220,462,709

224,759,449

192,408,77

171,113,103

140,793,998

116,696,635

105,366,488

91,493,127

80,957,702

73,281,995

59,994,588

19,319,13

15,244,244

17,549,955

20,438,609

24,041,678

28,911,33

30,187,963

609,188,93

1,065,845,439

953,294,87

661,395,278

631,382,747

568,697,399

532,188,572

14,628,994

14,470,523

9,938,248

9,457,49

24,567,242

23,928,013

609,188,93

1,065,845,439

953,294,87

661,395,278

631,382,747

593,264,641

556,116,585

67,245,742

64,905,244

58,998,077

56,412,403

53,492,483

28,530,827

27,874,86

48,402,673

41,319,993

41,944,598

40,351,338

36,769,664

30,342,355

28,777,165

115,648,415

106,225,237

100,942,675

96,763,741

90,262,147

58,873,182

56,652,025

12,179,758

10,941,844

3,091,358

3,602,925

10,490,492

9,664,55

25,761,608

24,209,323

115,648,415

106,225,237

100,942,675

96,763,741

90,262,147

84,634,79

80,861,348

(493,540,519)

(959,620,202)

(852,352,195)

(564,631,537)

(541,120,600)

(509,824,217)

(475,536,547)

1,194,366

281,31

(493,540,519)

(959,620,202)

(852,352,195)

(564,631,537)

(541,120,600)

(508,629,851)

(475,255,237)

290,585,916

248,797,953

234,440,643

237,419,629

230,044,555

224,180,235

225,526,25

28,076,258

26,409,216

23,870,092

22,236,877

21,630,69

19,916,387

17,961,028

319,317,806

295,788,353

296,915,245

288,952,398

293,357,217

270,410,41

255,686,365

8,368,512

2,195,821

832,512

378,573

147,171

144,848

247,485

5,162,745

4,999,420

8,792,764

8,651,74

8,675,038

9,857,727

7,472,809

5,100,762

9,923,025

13,296,105

12,407,767

(2,605,000)

55,042

660,186,275

588,048,49

572,324,065

562,739,983

555,102,658

525,342,989

511,883,937

125,907

2,605,000

(55,042)

2,730,907

(55,042)

660,186,275

588,048,49

572,324,065

562,739,983

555,102,658

528,073,896

511,828,895

166,645,756

(371,571,712)

(280,028,130)

(1,891,554)

13,982,058

15,518,772

36,347,39

3,925,273

226,268

166,645,756

(371,571,712)

(280,028,130)

(1,891,554)

13,982,058

19,444,045

36,573,658

154

2022

2021

2020

2019

(1)

Combined General Fund

Nonspendable

2,478,072

2,797,043

2,043,846

2,697,434

Restricted - TABOR Emergency Reserve & Medicaid

19,292,176

18,840,195

20,217,904

19,443,817

Committed

17,561,600

15,865,400

17,311,000

16,600,000

Assigned*

60,924,911

55,773,102

53,996,698

33,684,728

Unassigned*

68,316,785

61,602,949

24,230,656

25,221,607

Total Combined General Fund

168,573,544

154,878,689

117,800,104

97,647,586

All Other Governmental Funds

Nonspendable

Restricted:

Building/Aspen View Academy

40,624,932

109,950,863

211,846,865

267,785,743

Debt Service

63,480,642

71,813,488

67,613,197

61,833,048

Other

9,483,172

16,422,740

1,092,534

1,962,156

Assigned

6,668,176

3,086,669

4,081,808

6,836,427

Unassigned

Total All Other Governmental Funds

120,256,922

201,273,760

284,634,404

338,417,374

Governmental Funds

Nonspendable

2,478,072

2,797,043

2,043,846

2,697,434

Restricted

132,880,922

217,027,286

300,770,500

351,024,764

Committed

17,561,600

15,865,400

17,311,000

16,600,000

Assigned*

67,593,087

58,859,771

58,078,506

40,521,155

Unreserved*

68,316,785

61,602,949

24,230,656

25,221,607

Total Governmental Funds

288,830,466

356,152,449

402,434,508

436,064,960

DOUGLAS COUNTY SCHOOL DISTRICT RE. 1

Fund Balances, Governmental Funds

Last Ten Fiscal Years

* In a change in practice from prior years, the District is no longer assigning specific line items to the budget for the subsequent

school year, but rather electing to hold unassigned fund balance.

(1)

In fiscal year 2019, the District restated beginning net position/fund balance due to the reclassification of the agency fund to

non-major special revenue fund. In accordance with GASB Statement No. 84,

Fiduciary Activities,

the District has reclassified

the Pupil Activities Fund from a Fiduciary Fund to a Special Revenue Fund. Balances prior to 2019 have not been restated for

these accounting changes.

155

Table 3

2018

2017

2016

2015

(2)

2014

2013

2,071,980

1,123,187

734,119

734,907

1,027,061

820,300

17,206,688

15,995,000

15,290,000

15,132,000

14,043,000

15,038,500

15,995,000

20,390,000

20,200,000

18,724,000

32,142,379

56,267,152

70,091,929

58,787,558

51,379,987

70,303,824

14,704,878

589,821

555,667

463,134

786,854

537,143

81,164,425

89,970,160

103,371,715

95,665,599

88,525,902

104,428,267

559,786

524,065

647,527

671,255

30,000

1,541,920

5,727,695

9,071,898

14,986,393

14,342,407

60,143,652

59,416,714

59,084,589

68,501,246

62,838,660

59,535,070

1,219,256

8,873,791

6,870,749

7,368,073

2,765,899

1,171,508

7,096,058

101,953

69,018,752

70,356,490

72,432,513

85,612,472

80,590,952

75,078,985

2,631,766

1,647,252

1,381,646

1,406,162

1,027,061

70,333,824

78,569,596

85,827,425

87,678,033

100,231,217

95,722,952

89,091,985

15,038,500

15,995,000

20,390,000

20,200,000

18,724,000

39,238,437

56,267,152

70,193,882

58,787,558

51,379,987

820,300

14,704,878

589,821

555,667

463,134

786,854

537,143

150,183,177

160,326,650

175,804,228

181,278,071

169,116,854

179,507,252

(2)

In fiscal year 2015, the District restated beginning net position/fund balance due to a reclassification of

non-major enterprise funds to non-major special revenue funds. Consistent with the guidance from the

Colorado Department of Education and in accordance with GASB Statement No. 54,

Fund Balance

Reporting and Governmental Fund Type Definitions,

management of the District has reclassified the

Nutrition Services Fund and Child Care Fund from an enterprise fund to a special revenue fund, and

Outdoor Education Fund to the Combined General Fund. Balances prior to 2015 are shown as originally

presented and have not been restated for accounting changes.

156

2022

2021

2020

2019

REVENUES

Taxes

387,306,870

355,728,486

343,453,707

317,096,992

Intergovernmental

422,263,854

387,495,818

403,203,088

375,083,914

Charges for services

47,834,362

31,584,000

53,385,531

65,857,469

Investment Earnings

307,108

687,066

10,471,326

8,150,604

Other

16,790,910

11,512,856

17,863,071

13,107,087

Total Revenues

874,503,104

787,008,226

828,376,723

779,296,066

EXPENDITURES

Current operating:

Instructional

378,233,187

334,547,776

348,644,354

338,420,071

Supporting Services

244,056,700

211,514,524

233,914,083

221,809,509

Intergovernmental - Charter Schools

160,011,621

137,809,602

153,937,969

140,793,998

Capital Outlay

68,974,636

102,342,927

68,658,291

15,202,621

Debt Service:

Debt Issuance Costs

Principal

58,797,013

38,045,000

34,140,000

50,765,000

Interest and Fiscal Charges

19,539,364

21,295,487

22,763,531

18,398,121

Total Expenditures

929,612,521

845,555,316

862,058,228

785,389,320

OTHER FINANCING SOURCES (USES)

Bond Proceeds

249,975,000

Premium on Bonds

40,816,808

Payments to Refunded Bond Escrow

(12,218,034)

Issuance of COP

COP Charter School Repayment

12,098,083

Compensation for Loss of Asset

5,468

51,053

29,500

Issuance of Leases

Other Sources (Uses)

166,948

Transfers In

9,849,171

9,712,922

21,967,770

Transfers Out

(9,849,171)

(9,712,922)

(21,967,770)

Total Other Financing Sources (Uses)

(12,212,566)

12,265,031

51,053

290,821,308

Net Change in Fund Balances

(67,321,983)

(46,282,059)

(33,630,452)

284,728,054

Debt Service as a Percentage

of Non-Capital Expenditures

9.1%

8.0%

7.2%

9.0%

DOUGLAS COUNTY SCHOOL DISTRICT RE. 1

Change in Fund Balances, Governmental Funds

Last Ten Fiscal Years

157

Table 4

2018

2017

2016

2015

2014

2013

275,111,761

258,474,174

260,227,313

252,092,362

247,142,354

237,365,348

337,108,346

338,859,843

329,303,736

330,128,900

300,751,769

284,463,530

64,905,244

53,151,768

51,086,322

53,492,483

28,530,827

27,874,860

1,484,563

782,801

363,496

140,674

132,902

276,635

11,864,422

20,395,926

20,046,480

12,803,286

13,932,610

12,211,910

690,474,336

671,664,512

661,027,347

648,657,705

590,490,462

562,192,283

319,563,484

306,149,147

299,786,084

283,860,606

276,669,387

274,167,817

200,496,216

212,310,034

199,043,430

198,026,671

180,116,275

160,186,452

116,696,635

105,366,488

91,493,127

80,957,702

73,821,995

59,994,588

7,615,498

4,223,743

3,371,577

5,904,688

12,945,707

18,620,893

190,545

431,679

172,052

483,024

35,629,571

40,170,143

50,863,535

42,298,688

41,841,380

43,289,338

20,219,056

18,933,080

23,014,446

29,681,349

32,193,583

29,603,277

700,220,460

687,152,635

667,762,744

641,161,383

617,760,379

586,345,389

12,100,000

47,135,000

31,020,000

943,790

3,197,689

3,925,547

(12,846,310)

(49,891,056)

(34,353,871)

15,000,000

15,500,000

2,900

10,545

1,064,074

130,087

3,530,800

7,636,963

122,719

100,000

8,576,023

9,442,074

7,228,188

7,436,481

10,063,087

6,715,311

(8,576,023)

(9,442,074)

(7,228,188)

(7,436,481)

(12,668,087)

(6,715,311)

132,987

10,545

1,261,554

441,633

16,048,519

23,828,639

(9,613,137)

(15,477,578)

(5,473,843)

7,937,955

(11,221,398)

(324,467)

8.1%

8.7%

11.1%

11.3%

12.2%

12.8%

158

Tax

Collection

Assessed

Year

Value

Actual Value

Vacant Land

Commercial

Industrial

Agricultural

2021

2022

5,074,406,970

63,748,831,281

370,445,890

2,156,021,600

266,528,660

23,356,690

2020

2021

4,609,305,950

57,905,853,643

307,869,190

2,053,095,370

226,348,660

19,976,660

2019

2020

4,466,842,560

56,116,112,563

312,951,200

2,042,457,140

202,691,420

19,835,070

2018

2019

3,842,166,270

48,268,420,477

267,594,630

1,937,411,920

163,037,980

18,791,620

2017

2018

3,732,587,220

46,891,799,246

299,988,170

1,893,860,500

163,071,690

18,256,950

2016

2017

3,443,604,810

43,261,366,960

221,157,040

1,634,129,580

131,056,010

19,095,700

2015

2016

3,348,508,890

42,066,694,598

233,290,650

1,625,150,430

129,205,900

18,640,540

2014

2015

2,772,808,070

34,834,272,236

207,204,100

1,438,065,210

116,662,310

17,590,720

2013

2014

2,700,797,330

33,929,614,698

212,708,100

1,409,372,620

113,493,760

17,339,320

2012

2013

2,633,649,430

33,086,048,116

230,484,200

1,352,916,980

107,361,790

16,897,990

(1)

Source: Douglas County Assessor

https://www.douglas.co.us/documents/2021-abstract.pdf/

(2)

Source: Douglas County Assessor -2021 Tax Districts and Authorities

https://www.douglas.co.us/documents/tax-districts-mill-levies.pdf/

DOUGLAS COUNTY SCHOOL DISTRICT RE. 1

Assessed Value and Estimated Actual Value of Taxable Property

(1)

Residental Property

Other Property Classes

Last Ten Calendar Years

159

Table 5

Other Property

Total

Grand

Direct

(2)

Natural

State

Classes

Assessed

Total

Tax

Resources

Assessed

Actual Value

Value

Actual Value

Rate

325,000

248,817,800

3,065,495,640

10,570,674,621

8,139,902,610

74,319,505,902

43.797

294,560

253,186,600

2,860,771,040

9,864,727,724

7,470,076,990

67,770,581,367

43.504

234,860

244,062,800

2,822,232,490

9,731,836,172

7,289,075,050

65,847,948,735

43.839

272,490

239,845,700

2,626,954,340

9,058,463,241

6,469,120,610

57,326,883,719

44.950

388,200

253,480,700

2,629,046,210

9,065,676,586

6,361,633,430

55,957,475,832

38.996

327,390

246,628,700

2,252,394,420

7,766,877,310

5,695,999,230

51,028,244,270

41.064

438,980

237,761,700

2,244,488,200

7,739,614,483

5,592,997,090

49,806,309,081

42.439

458,850

227,523,800

2,007,504,990

6,922,431,000

4,780,313,060

41,756,703,236

48.277

422,900

235,325,500

1,988,662,200

6,857,455,862

4,689,459,530

40,787,070,561

48.277

435,290

209,659,400

1,917,755,650

6,612,950,517

4,551,405,080

39,698,998,633

48.727

160

Debt

Assessment

Collection

General

Service

Douglas

Year

Fund

Total

Count

(2)

Total

2021

2022

35.743

8.054

43.797

23.024

66.821

2020

2021

35.450

8.054

43.504

23.774

67.278

2019

2020

35.785

8.054

43.839

23.774

67.613

2018

2019

36.896

8.054

44.950

24.274

69.224

2017

2018

30.942

8.054

38.996

24.274

63.270

2016

2017

31.508

9.556

41.064

23.774

64.838

2015

2016

31.763

10.676

42.439

24.270

66.709

2014

2015

32.849

15.428

48.277

24.270

72.547

2013

2014

32.935

15.342

48.277

24.270

72.547

2012

2013

33.599

15.128

48.727

24.270

72.997

Table 6

Direct and Overlapping Property Tax Rates

(1)

DOUGLAS COUNTY SCHOOL DISTRICT RE. 1

Last Ten Calendar Years

(1)

In addition to the County and the School District, there are five cities and towns and

103 special districts which levy property taxes in Douglas County.

Because of this number of taxing entities, this table identifies only the District and

the County.

(2)

Includes the Law Enforcement Authority (LEA) and Douglas County Government.

Source: Douglas County Treasurer's Office

https://www.douglas.co.us/documents/tax-districts-mill-levies.pdf/

161

Table 7

Percentage

of Total

Taxable

Assessed

Value

Rank

Value

Rank

Value

Park Meadows Mall LLC (8401)

82,440,390

1.01%

61,970,950

1.37%

Public Service Company of CO (Xcel)

77,660,000

0.95%

47,490,100

1.05%

Core Electric Cooperative FKA IREA

67,396,400

0.83%

54,898,400

1.21%

HCA HealthOne LLC

62,254,350

0.76%

48,617,650

1.07%

Charles Schwab Lone Tree

30,572,960

0.38%

Kaiser Foundation Hospital

27,270,240

0.34%

Quest Corporation

21,736,600

0.27%

Craig Realty Group Castle Rock LLC

20,641,320

0.25%

VISA Technology & Operations

15,475,310

0.19%

Park Meadows Mall LLC (8419)

15,008,580

0.18%

Century Link (was Qwest Corporation)

53,535,660

1.18%

Target Corporation

16,207,030

0.36%

Plaza Drive Properties LLC

15,079,990

0.33%

Wells Reit II South Jamaica Street LLC

11,759,110

0.26%

Liberty Property Holdings Inc

10,950,090

0.24%

EchoStar Real Estate Corporation IV

10,384,380

0.23%

Total Principal Property Tax Payers

420,456,150

5.16%

330,893,360

7.30%

Total Taxable Assessed Value

8,140,179,380

4,538,350,570

Source: Douglas County Annual Comprehensive Financial Report

https://www.douglas.co.us/documents/2021-annual-comprehensive-financial-report.pdf/

DOUGLAS COUNTY SCHOOL DISTRICT RE. 1

Principal Property Tax Payers

2021

2012

Current Year and Nine Years Ago as of December 31

162

THIS PAGE INTENTIONALLY LEFT BLANK

163

Table 8

Percent of

Current

Percent

Total Tax

Assessment

Collection

Total

Tax

of Levy

Collection in

Total Tax

Collections

Year

Tax Levy

Collections

Collected

Subsequent Years

Collections

to Levy

2021

2022

355,545,125

342,635,922

96.37%

166,522

342,802,444

96.42%

2020

2021

324,319,801

315,982,205

97.43%

502,202

316,484,407

97.58%

2019

2020

319,558,356

310,078,679

97.03%

115,045

310,193,724

97.07%

2018

2019

290,654,450

283,933,533

97.69%

57,829

283,991,362

97.71%

2017

2018

248,074,817

242,414,296

97.72%

26,010

242,440,306

97.73%

2016

2017

234,851,135

227,683,294

96.95%

501,829

228,185,123

97.16%

2015

2016

238,509,546

237,545,623

99.60%

450,136

237,995,759

99.78%

2014

2015

231,973,131

229,982,554

99.14%

86,893

230,069,447

99.18%

2013

2014

227,593,608

227,223,163

99.84%

103,769

227,326,932

99.88%

2012

2013

223,058,985

215,369,540

96.55%

28,714

215,398,254

96.57%

Source: Douglas County Treasurer's Office

DOUGLAS COUNTY SCHOOL DISTRICT RE. 1

Property Tax Levies and Collections

Last Ten Years

Collected within the Fiscal

Year of the Levy

(1)

Collections are from January 1 to August 31. Additional taxes will be collected from September 1 to December 31.

The above schedule lists property tax information for the assessment year. Property taxes are recognized by the District when due

and payable in the year following the assessment year. Current tax allocation listed above represent actual cash collections by the

County during the period. For financial purposes, the District includes within property tax revenue amounts received during the

60 days following the end of the fiscal year, resulting in final tax collections which may be higher than amounts reported above.

164

Year

General

Certificates

Total

Ended

Obligation

Accreted

Bond

Primary

June 30,

Bonds

Participation

Interest

Premiums

Leases

Government

2022

364,225,000

8,680,000

3,403,454

40,482,635

9,869,424

426,660,513

2021

419,585,000

22,385,000

2,379,722

50,892,604

3,623,865

498,866,191

2020

455,050,000

24,965,000

1,655,232

57,410,391

4,557,113

543,637,736

2019

486,665,000

27,490,000

1,142,467

64,228,806

5,465,076

584,991,349

2018

272,435,000

42,510,000

779,558

28,275,838

6,318,769

350,319,165

2017

305,059,570

45,515,000

5,780,971

31,144,205

7,096,285

394,596,031

2016

342,249,713

48,495,000

7,095,655

35,369,506

8,171,653

441,381,527

2015

390,608,248

50,510,000

9,620,808

45,288,506

9,206,434

505,233,996

2014

432,426,936

52,200,000

15,722,043

49,067,791

10,174,165

559,590,935

2013

470,743,316

40,735,000

19,695,769

53,252,046

7,364,704

591,790,835

DOUGLAS COUNTY SCHOOL DISTRICT RE. 1

Ratios of Outstanding Debt by Type

Governmental Activities

Last Ten Years

(1)

Douglas County Government

https://www.douglas.co.us/documents/2021-abstract.pdf/

(2)

2021 Douglas County Annual Comprehensive Financial Report -

Demographic and Economic Statistics

https://www.douglas.co.us/documents/2021-annual-comprehensive-financial-report.pdf/

Figures included in this schedule represent the most recent data available.

2021 and prior numbers have not been revised to match the County’s updated data.

165

Table 9

Personal

Percentage

Total

Assessed

Income

(2)

of Personal

Debt Per

Value

(1)

(in thousands)

Population

(2)

Income

Capita

8,139,902,610

29,776,147

373,275

1.43%

1,143

7,470,076,990

30,923,747

379,000

1.61%

1,316

7,289,075,050

28,072,588

370,000

1.94%

1,469

6,469,120,610

27,021,840

358,000

2.16%

1,634

6,361,633,430

22,765,492

346,000

1.54%

1,012

5,695,999,230

22,558,704

336,000

1.75%

1,174

5,592,997,090

21,713,011

328,990

2.03%

1,342

4,780,313,060

19,900,804

308,000

2.54%

1,640

4,689,459,530

18,561,913

302,464

3.01%

1,850

4,551,405,080

21,737,873

295,689

2.72%

2,001

166

Table 10

Debt

Percentage

Year

General

Service

Net

of Actual

Personl

Ended

Obligation

Funds

Bonded

Taxable Value

Per

Actual

Assessed

Income

(2)

June 30

Bonds

(3)

Available

Debt

of Property

Capita

Value

(1)

(in thousands)

Population

(2)

2022

408,111,089

23,550,000

384,561,089

0.52%

1,030

74,319,505,902

8,139,902,610

29,776,147

373,275

2021

472,857,326

36,635,000

436,222,326

0.64%

1,151

67,770,581,367

7,470,076,990

30,923,747

379,000

2020

514,115,623

35,465,000

478,650,623

0.73%

1,294

65,847,948,735

7,289,075,050

28,072,588

370,000

2019

552,036,273

31,615,000

520,421,273

0.91%

1,454

57,326,883,719

6,469,120,610

27,021,840

358,000

2018

301,490,396

39,698,856

261,791,540

0.47%

757

55,957,475,832

6,361,633,430

22,765,492

346,000

2017

341,984,746

41,671,933

300,312,813

0.59%

894

51,028,244,270

5,695,999,230

22,558,704

336,000

2016

384,714,874

37,190,142

347,524,732

0.70%

1,056

49,806,309,081

5,592,997,090

21,713,011

328,990

2015

445,517,562

48,358,535

397,159,027

0.95%

1,289

41,756,703,236

4,780,313,060

19,900,804

308,000

2014

497,216,770

39,363,688

457,853,082

1.12%

1,514

40,787,070,561

4,689,459,530

18,561,913

302,464

2013

543,691,131

46,691,379

496,999,752

1.25%

1,681

39,698,998,633

4,551,405,080

21,737,873

295,689

DOUGLAS COUNTY SCHOOL DISTRICT RE. 1

Ratios of Net General Bonded Debt Outstanding

Last Ten Years

(1)

Douglas County Government

https://www.douglas.co.us/documents/2021-abstract.pdf/

(2)

Douglas County Annual Comprehensive Financial Report

https://www.douglas.co.us/documents/2021-annual-comprehensive-financial-report.pdf/

(3)

General Obligation Bond related amounts include General Obligation Bonds, accreted interest and bond premiums

Figures included in this schedule represent the most recent data available.

Data is estimated and is subject to change based on updated information.

2020 and prior numbers have not been updated to match the County’s updated data.

167

2021

Entity's

Assessed

Debt

Valuation

(2)

Outstanding

Percent

Amount

Direct Debt

Douglas County School District RE-1

8,139,902,610

426,660,513

1.00

426,660,513

Overlapping G.O. Debt

(1)

Outstanding

Name of Overlapping Entity

(1)

Valuation

(2)

G.O. Debt

Percent

Amount

Antelope Heights Metropolitan District

(4)

18,809,530

11,046,000

100

11,046,000

Anthology West Metropolitan District No. 2

(4)

12,312,340

1,597,794

100

1,597,794

Anthology West Metropolitan District No. 4

(4)

9,714,870

10,000,000

100

10,000,000

Anthology West Metropolitan District No. 5

(4)

2,865,890

5,328,000

100

5,328,000

Arapahoe County Water and Wastewater P.I.D.

797,305,147

124,001,951

8.94

11,085,774

Belford North M etropolitan District

(4)

1,350

39,155,000

100

39,155,000

Bella M esa M etropolitan District

(4)

4,164,150

22,705,000

100

22,705,000

Canterberry Crossing M etropolitan District

37,607,400

7,880,000

100

7,880,000

Canterberry Crossing M etropolitan District II

27,204,510

8,210,000

100

8,210,000

Canyons Metropolitan District No. 3

(4)

1,230

31,270,000

100

31,270,000

Canyons Metropolitan District No. 5

(4)

30,777,170

59,425,000

100

59,425,000

Canyons Metropolitan District No. 6

(4)

30,777,160

14,797,000

100

14,797,000

Carousel Farms M etropolitan District

(4)

2,669,990

3,162,500

100

3,162,500

Castle Oaks Metropolitan District

(4)

32,092,020

14,660,000

100

14,660,000

Castle Oaks Metropolitan District No. 3

(4)

32,924,200

34,250,000

100

34,250,000

Castle Pines Commercial Metro. District No. 1

(5)

6,671,740

5,240,000

100

5,240,000

Castle Pines Commercial Metro. District No. 4

(4)

8,512,390

4,545,000

100

4,545,000

Castleview M etropolitan District No. 1

(4)

15,170

18,887,000

100

18,887,000

Castleview M etropolitan District No. 2

(4)

2,258,600

4,593,000

100

4,593,000

Castlewood Ranch M etropolitan District

44,086,240

14,320,000

100

14,320,000

Chambers Highpoint M etropolitan District No. 2

340

11,300,000

100

11,300,000

Cherokee Ridge Estates Metropolitan District

4,245,080

700,000

100

700,000

Cherry Creek South M etropolitan District No. 5

(4)

2,290

68,549,000

100

68,549,000

Cielo M etropolitan District

(4)

2,204,150

17,942,000

100

17,942,000

Compark Business Campus M etropolitan District

68,026,110

48,045,000

100

48,045,000

Concord M etropolitan District

60,574,650

3,000,000

100

3,000,000

Consolidated Bell M ountain Ranch M etro. District

(4)

21,951,970

10,790,000

100

10,790,000

Cottonwood Highlands Metropolitan District No. 1

(4)

17,006,050

19,155,000

100

19,155,000

Cottonwood Water and Sanitation District

137,138,168

8,473,337

100

8,473,337

Crowfoot Valley Ranch M etro. District No. 2

(4)

8,657,680

35,205,000

100

35,205,000

Crystal Crossing M etropolitan District

(4)

11,302,100

8,030,000

100

8,030,000

Crystal Valley M etropolitan District No. 2

87,183,780

56,660,000

100

56,660,000

Elkhorn Ranch M etropolitan District No. 1

(4)

14,177,250

8,660,000

100

8,660,000

Foxhill M etropolitan District No. 2

(4)

2,622,680

6,000,000

100

6,000,000

Hess Ranch M etropolitan District No. 6

(4)

730

102,826,000

100

102,826,000

Highfield Metropolitan District

43,432,350

5,785,000

100

5,785,000

In addition to the general obligation indebtedness of the District, other taxing entities are authorized to incur general obligation debt

within boundaries which overlap or partially overlap the boundaries of the District. The following table sets forth the estimated

overlapping general obligation debt attributable to property owners within the District as of the date of this Offical Statement.

Additional taxing enties may overlap with the District in the future.

Attributable to the District

(

)

Estimated Overlapping General Obligation Debt

Table 11

DOUGLAS COUNTY SCHOOL DISTRICT RE. 1

Estimated Overlapping General Obligation Debt

Outstanding G. O. Debt

168

Name of Overla

Entit

(1)

Valuation

(2)

G.O. Debt

Percent

Amount

Hilltop Metropolitan District

(4)

1,060

1,855,000

100

1,855,000

Horse Creek M etropolitan District

16,152,550

3,675,000

100

3,675,000

Horseshoe Ridge Metro. Districts Nos. 1 to 3

(6)

12,628,240

3,850,000

100

3,850,000

Hunting Hill M etropolitan District

(4)

9,036,050

7,090,000

100

7,090,000

Inspiration Metropolitan District

(4)

68,321,010

76,475,000

100

76,475,000

Inverness M etropolitan Improvement District

421,850,262

630,000

27.94

176,022

Inverness Water and Sanitation District

424,826,721

4,314,590

27.76

1,197,730

Jordan Crossing M etropolitan District

3,550,820

1,375,000

100

1,375,000

Lanterns Metropolitan District No. 1

(4)

9,189,540

22,120,000

100

22,120,000

Lanterns Metropolitan District No. 2

(4)

3,351,130

25,482,000

100

25,482,000

Larkspur Fire Protection District

185,264,190

1,160,000

100

1,160,000

Lincoln Creek M etropolitan District

(4)

8,759,050

5,895,000

100

5,895,000

Lincoln M eadows M etropolitan District

(4)

13,813,030

7,187,000

100

7,187,000

Lincoln Station M etropolitan District

(4)

53,853,050

13,850,000

100

13,850,000

Louviers Water and Sanitation District

(7)

3,401,210

1,570,328

100

1,570,328

M aher Ranch M etropolitan District No. 4

(4)

36,270,500

14,988,000

100

14,988,000

Meadowlark Metropolitan District

(4)

4,383,730

9,609,000

100

9,609,000

Meadows Metropolitan Districts Nos. 1 to 7

(8)

293,042,330

70,000,000

100

70,000,000

Meridian Metropolitan District

211,265,770

82,573,000

100

82,573,000

Meridian Village M etropolitan Districts Nos. 1 and 2

(9)

86,918,020

33,595,000

100

33,595,000

Miller’s Landing Business Improvement District

(10)

372,587

21,250,000

100

21,250,000

Mirabelle Metropolitan District No. 2

(4)

9,211,820

36,660,000

100

36,660,000

Neu Towne Metropolitan District

(4)

13,586,330

11,000,000

100

11,000,000

North Meridian Metropolitan District

544,160

645,810

100

645,810

North Pine Vistas Metropolitan District No. 2

(4)

8,387,320

10,490,000

100

10,490,000

North Pine Vistas Metropolitan District No. 3

(4)

17,448,830

18,769,000

100

18,769,000

North Pines Metropolitan District

5,362,638

1,760,000

100

1,760,000

Olde Town Metropolitan District

(4)

3,704,630

910,000

100

910,000

Overlook M etropolitan District

(4)

7,985,970

7,864,000

100

7,864,000

Parker Automotive M etropolitan District

11,248,720

15,261,000

100

15,261,000

Parker Homestead M etropolitan District

14,996,450

8,185,000

100

8,185,000

Parker Water and Sanitation District

882,212,758

81,045,000

100

81,045,000

Pine Bluffs M etropolitan District

24,183,358

3,585,000

100

3,585,000

Pinery West Metropolitan District No. 2

(4)

50,413,910

7,570,000

100

7,570,000

Promenade at Castle Rock Metro. District No. 1

(4)(11)

6,258,150

62,841,780

100

62,841,780

Rampart Range Metropolitan District No. 1

(12)

2,240

177,765,000

100

177,765,000

Rampart Range Metropolitan District No. 5

(13)

5,950

120,000

100

120,000

Ravenna M etropolitan District

24,417,780

43,450,000

100

43,450,000

Reata North Metropolitan

District

(4)

39,956,100

9,340,000

100

9,340,000

Reata Ridge Village Metropolitan District No. 2

(4)

2,216,590

5,739,000

100

5,739,000

Reata South M etropolitan District

(4)

27,264,750

19,330,000

100

19,330,000

Regency M etropolitan District

(4)

7,150,330

3,720,000

100

3,720,000

Remuda Ranch M etropolitan District

(4)

1,909,970

9,042,000

100

9,042,000

Robinson Ranch M etropolitan District

4,354,630

1,745,000

100

1,745,000

Rock Canyon M etropolitan District

(4)

658,630

2,035,000

100

2,035,000

Estimated Overlapping General Obligation Debt

Table 11

DOUGLAS COUNTY SCHOOL DISTRICT RE. 1

Estimated Overlapping General Obligation Debt

(Continued)

169

Name of Overla

Entit

(1)

Valuation

(2)

G.O. Debt

Percent

Amount

Roxborough Water and Sanitation District

(7)

288,408,087

18,524,931

65.23

12,083,812

Roxborough Water and Sanitation District - Plum

Valley Heights Subdistrict

(7)

22,128,870

5,709,331

100

5,709,331

Salisbury Heights M etropolitan District

(4)

4,585,700

2,824,000

100

2,824,000

Sierra Ridge Metropolitan District No. 2

(4)

39,863,340

25,840,000

100

25,840,000

Solitude M etropolitan District

3,077,890

5,000,000

100

5,000,000

South M eridian M etropolitan District

43,361,510

3,990,000

100

3,990,000

South Suburban Park and Recreation District

3,744,781,554

37,880,000

23.24

8,803,312

Southeast Public Improvement M etro. District

(4)

2,951,215,373

2,230,000

30.09

671,007

Spring Valley M etropolitan District No. 4

(4)

9,060

14,761,000

100

14,761,000

Sterling Ranch Colorado Metro. District No. 2

(14)

35,882,470

39,925,000

100

39,925,000

Sterling Ranch Colorado Metro. District No. 3

(14)

24,871,460

88,685,000

100

88,685,000

Stone Canon Ranch M etropolitan District

2,126,950

109,930

100

109,930

Stone Creek M etropolitan District

(4)

8,540,970

9,470,000

100

9,470,000

Stonegate Village M etropolitan District

100,481,000

12,320,000

100

12,320,000

Tallman Gulch M etropolitan District

(4)

6,360,140

9,465,000

100

9,465,000

Thunderbird Water and Sanitation District

(7)

9,321,410

297,877

100

297,877

Timbers M etropolitan District

(4)

11,082,240

4,406,000

100

4,406,000

Trails at Crowfoot Metropolitan District No. 3

(4)

4,289,750

54,215,000

100

54,215,000

Trails Metropolitan District

(4)

3,700

6,999,000

100

6,999,000

Two Bridges Metropolitan District

(4)

4,029,530

3,723,000

100

3,723,000

Village on the Green Metro. District No. 1

2,920,020

1,302,083

100

1,302,083

Villages at Castle Rock Metropolitan Dist. No. 4 and

Founders Village Metropolitan District(15)

1,202,420

25,911,000

100

25,911,000

Villages at Castle Rock Metropolitan District No. 6

(4)

43,219,670

56,954,000

100

56,954,000

Villas Metropolitan District

(4)

3,721,310

4,940,000

100

4,940,000

West M etro Fire Protection District

5,345,892,190

16,690,000

3.10

517,390

Westcreek M etropolitan District No. 2

(4)

4,241,350

7,800,000

100

7,800,000

Total Overlapping

2,223,720,817

Total Direct Debt and Overlapping Debt

2,650,381,330

Estimated Overlapping General Obligation Debt

Table 11

DOUGLAS COUNTY SCHOOL DISTRICT RE. 1

Estimated Overlapping General Obligation Debt

(Continued)

(1)

The following entities also overlap the District, but have no outstanding general obligation debt:

Airport Vista Metropolitan Districts Nos. 1

and 2; Anthology West Metropolitan Districts Nos. 3 and 6; City of Aurora; Belford South Metropolitan District; BMR Metropolitan

District; Canyons Metropolitan Districts Nos. 1, 2, 4 and 7 to 11; Castle Oaks Metropolitan District No. 2; City of Castle Pines; Castle

Pines Commercial Metropolitan Districts Nos. 2 and 5; Castle Pines Metropolitan District; Castle Pines North Metropolitan District; Castle

Pines Town Center Metropolitan Districts Nos. 1 to 3; Town of Castle Rock; Castle Rock Downtown Development Authority; Castle Rock

Fire Protection District; Castleton Center Water and Sanitation District; Cedar Hill Cemetery Association; Centennial Water and Sanitation

District; Chambers Highpoint Metropolitan District No. 1; Chatfield South Water District; Cherry Creek Basin Water Quality Authority;

Cherry Creek South Metropolitan Districts Nos. 1, 4 and 6 to 11;

Citadel Station-Castle Meadows Urban Renewal Plan; Clearwater Metro-

politan District; Cottonwood Commercial Area Urban Renewal Plan; Cottonwood Highlands Metropolitan District No. 2; Cottonwood

Metropolitan District; Crowfoot Valley Ranch Metropolitan District No. 1; Crystal Valley Metropolitan District No. 1; Dawson Ridge

Metropolitan Districts Nos. 1 to 5; Denver Southeast Suburban Water and Sanitation District; Devils Head Metropolitan District; Dominion

Water and Sanitation District; Douglas County; Douglas County Law Enforcement Authority; Douglas County Libraries; Douglas County

Local Improvement Districts Nos. 01-01, 01-02, 01-03, 07-01, 94-001, 95-001 and 97-001; Douglas County Soil Conservation District;

Douglas County Woodmoor Mountain General Improvement District; E-470 Potomac Metropolitan District; E-470 Public Highway

Authority; Elbert County; Elbert County Library District; Foxhill Metropolitan District No. 1; Franktown Business Area Metropolitan

District; Franktown Fire Protection District; Grandview Estates Rural Water Conservation District;

Heritage Hills Metropolitan District;

Hess Ranch Metropolitan Districts Nos. 4, 5, 7 and 8; Hidden Pointe Metropolitan District; High Prairie Farms Metropolitan District;

Highlands Ranch Metropolitan District; Hillside at Castle Rock Metropolitan District; Jackson 105 Fire Protection District; Kings Point

170

Table 11

(Continued)

Estimated Overlapping General Obligation Debt

DOUGLAS COUNTY SCHOOL DISTRICT RE. 1

Estimated Overlapping General Obligation Debt

(1)

South Metropolitan Districts Nos. 1 and 2; Kiowa Soil Conservation District; Lanterns Metropolitan Districts Nos. 3 to 5; Town of Larkspur;

City of Littleton; City of Lone Tree; Lone Tree Business Improvement District; McArthur Ranch Metropolitan Recreation District; Meadow

Station Public Improvement District; Meridian Village Metropolitan Districts Nos. 3 and 4; Mirabelle Metropolitan Districts Nos. 1, 3 and 4;

Mountain Communities Fire Protection District; Newlin Crossing Metropolitan District; North Fork Fire Protection District; North Pine Vistas

Metropolitan District No. 1; Northern Douglas County Water and Sanitation District; Omnipark Metropolitan District; Overlook at Kings Point

South Metropolitan District; Park Meadows Business Improvement District; Park Meadows Metropolitan District; Town of Parker; Parker

Central Area Urban Renewal Plan; Parker Road Area Urban Renewal Plan; Perry Park Metropolitan District; Perry Park Water and Sanitation

District; Perry Park Water and Sanitation District (Water Service Area); Pinery Commercial Metropolitan Districts Nos. 1 and 2; Promenade at

Castle Rock Metropolitan District No. 2; Rampart Range Metropolitan Districts Nos. 3, 4 and 9; Rattlesnake Fire Protection District; Reata

Ridge Village Metropolitan District No. 1; Regional Transportation District; RockingHorse Metropolitan District No. 1; Roxborough Village

Metropolitan District; Sedalia Water and Sanitation District; Sierra Ridge Metropolitan District No. 1; Silver Heights Water and Sanitation

District; South Metro Fire Rescue Fire Protection District; South Santa Fe Metropolitan Districts Nos. 1 and 2; Southgate Sanitation District;

Southgate Water District; Southwest Metropolitan Water and Sanitation District; Spring Valley Metropolitan District No. 5;

Sterling Crossing

Commercial Metropolitan District; Sterling Crossing Residential Metropolitan District; Sterling Ranch Colorado Metropolitan Districts Nos. 1

and 4 to 7; Sterling Ranch Colorado Metropolitan District No. 7 Subdistricts A and B;

Town of Castle Rock Festival Park Commons General

Improvement District; Trails at Crowfoot Metropolitan Districts Nos. 1 and 2; United Water and Sanitation District; Upper South Platte Water

Conservancy District; Urban Drainage and Flood Control District; Urban Drainage and Flood Control District - South Platte Levy; Ute Pass

Regional Health Service District; Villages at Castle Rock Metropolitan Districts Nos. 7 and 9; West Douglas County Fire Protection District;

Westcreek Lakes Water District; Westcreek Metropolitan District No. 1; Westfield Metropolitan Districts Nos. 1 and 2; and The Yard

Metropolitan District.

(2)

The 2021 assessed valuation figures certified by the County Assessors are for the collection of ad valorem property taxes in 2022.

(3)

The percentage of each entity’s outstanding debt attributable to the District is calculated by comparing the assessed valuation of the portion

overlapping the District to the total assessed valuation of the overlapping entity.

To the extent the District’s assessed valuation changes

disproportionately with the assessed valuation of overlapping entities, the percentage of debt for which property owners within the District are

responsible will also change.

(4)

The debt of this district consists of limited tax general obligation bonds secured by a required mill levy, specific ownership taxes, and other

available moneys.

(5)

Castle Pines Commercial Metropolitan District No. 1 issued limited tax supported revenue bonds payable from the property taxes generated by

the debt service levies of Castle Pines Commercial Metropolitan Districts Nos. 3 and 4.

The 2021 assessed valuations of No. 3 and No. 4 are

$7,101,490 and $8,512,390, respectively.

(6)

Under a Capital Pledge Agreement, Horseshoe Ridge Metropolitan Districts Nos. 2 and 3 pledge certain tax revenues to pay Horseshoe Ridge

Metropolitan District No. 1’s property tax supported revenue bonds.

(7)

The debt of this district consists of mill levy supported loans from Colorado Water Resources and Power Development Authority and/or the

Colorado Water Conservation Board.

(8)

Seven contiguous districts formed as part of the Meadows project entered into a Regional Facilities Cost Sharing Agreement whereby each

district is liable for a portion of the total general obligation debt incurred by the other districts.

(9)

Meridian Village Metropolitan District No. 1’s debt is supported by pledged revenues partially consisting of ad valorem property taxes levied

against all taxable property in Meridian Village Metropolitan District No. 2.

(10)

Miller’s Landing Business Improvement District issued revenue bonds secured by contractually imposed public improvement fees with respect

to certain retail sales transactions, a debt service mill levy, specific ownership taxes, revenue generated from an urban renewal plan, revenues

from a contractually imposed requirement that payments in lieu of taxes be made by owners of tax-exempt property, and payments made under

a guaranty agreement with the developer.

(11)

Pursuant to a Capital Pledge Agreement, Promenade at Castle Rock Metropolitan District No. 3 transfers property tax revenue to Promenade at

Castle Rock Metropolitan District No. 1 for repayment of all the bonds.

The 2021 assessed valuation of Promenade at Castle Rock Metropoli-

tan District No. 3 is $67,254,490.

(12)

Pursuant to a Capital Pledge Agreement, Rampart Range Metropolitan Districts Nos. 2 and 7 transfer property tax revenue to Rampart Range

Metropolitan District No. 1 for repayment of all the bonds.

The 2021 assessed valuations of Nos. 2 and 7 are $27,445,790 and $232,754,330,

respectively.

(13)

Pursuant to a Capital Pledge Agreement, Rampart Range Metropolitan Districts Nos. 6 and 8 transfer property tax revenue to Rampart Range

Metropolitan District No. 5 for repayment of all the bonds.

The 2021 assessed valuations of Nos. 6 and 8 are $2,390 and $91,210, respectively.

(14)

Sterling Ranch Colorado Metropolitan Districts Nos. 1 to 7 formed the Sterling Ranch Community Authority Board (the “SRCA Board”) to

provide public services and facilities.

The SRCA Board issued limited tax and special revenue bonds secured by Sterling Ranch Colorado

Metropolitan Districts Nos. 2 and 3’s required mill levy, specific ownership taxes, and other available moneys.

(15)

Pursuant to a Plan for Adjustment of Debts approved by the United States Bankruptcy Court, Villages at Castle Rock Metropolitan District No.

4 (“Villages No. 4”) issued Revenue Refunding Bonds, Series 1991 in the amount of $29,970,000.

Pursuant to an agreement with Villages No.

4, Founders Village Metropolitan District is obligated to levy a limited mill levy to pay debt service on the bonds.

The bonds mature in 2031,

and any outstanding current interest, accrued but unpaid interest ($118,421,846 as of December 31, 2020), and principal amounts due as of such

date will be discharged.

The 2021 assessed valuation of Founders Village Metropolitan District is $64,642,320.

Sources: Assessors’ Offices of Arapahoe, Douglas, Elbert, and Jefferson Counties; Assessor’s Office of the City and County of Denver; and

individual taxing entities.

171

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172

2022

2021

2020

2019

Debt Limit

(1)

1,627,980,522

1,494,015,398

1,457,815,010

1,293,824,122

Total Debt Applicable to Limit

426,660,513

498,866,191

543,637,736

584,991,349

Legal Debt Margin

(2)

1,201,320,009

995,149,207

914,177,274

708,832,773

Total Debt Applicable to the Limit

as a Percentage of Debt Limit

26.21%

33.39%

37.29%

45.21%

(1)

Debt limits calculated by determining the total assessed value as reported in Table 9 and multiplying by 20 percent.

(2)

Legal debt margin is calculated by subtracting the "total debt applicable to limit from the debt limit".

DOUGLAS COUNTY SCHOOL DISTRICT RE. 1

Legal Debt Margin

For The Last Ten Fiscal Years

173

Table 12

2018

2017

2016

2015

2014

2013

$1,272,326,686

$1,139,199,846

1,118,599,418

956,062,612

937,891,906

910,281,016

350,319,165

394,596,031

441,381,527

505,233,996

559,590,935

591,790,835

922,007,521

744,603,815

677,217,891

450,828,616

378,300,971

318,490,181

27.53%

34.64%

39.46%

52.85%

59.66%

65.01%

174

Table 13

Per Capita

Personal

Average

Estimated

Personal

Income Total

Household

Median

School

Unemployment

Year

Population

Income

(in thousands)

Size

Age

Enrollment

Rate

2021

373,275

79,770

29,776,147

2.75

39.3

62,979

5.2%

2020

379,000

81,593

30,923,747

2.52

38.5

67,305

6.3%

2019

370,000

75,872

28,072,588

2.79

38.1

67,591

2.8%

2018

358,000

75,480

27,021,840

2.81

38.1

67,597

3.4%

2017

346,000

65,796

22,765,492

2.75

38.9

67,470

2.6%

2016

336,000

67,139

22,558,704

2.76

37.6

66,896

2.8%

2015

328,990

65,999

21,713,011

2.84

37.2

66,702

2.6%

2014

308,000

64,613

19,900,804

2.82

36.9

66,230

4.5%

2013

302,464

61,369

18,561,913

2.80

37.5

64,657

5.6%

2012

295,689

73,516

21,737,873

2.95

37.4

63,114

5.9%

DOUGLAS COUNTY SCHOOL DISTRICT RE. 1

Demographic and Economic Statistics

(1)

2021 Douglas County Annual Comprehensive Financial Report

https://www.douglas.co.us/documents/2021-annual-comprehensive-financial-report.pdf/

Figures included in this schedule represent the most recent data available.

Data is estimated and is subject to change based on updated information.

2020 and prior numbers have not been updated to match the County's updated data in their most recent

Annual Comprehensive Financial Report

175

2021 Douglas County Annual Comprehensive Financial Report

https://www.douglas.co.us/documents/2021-annual-comprehensive-financial-report.pdf

(1)

Based on full time equivalent.

Percent of

Employees

Total County

Employment

Employees

Total County

Employment

Douglas County School District

(1)

6,174

3.37%

5,292

3.31%

Charles Schwab

4,470

2.44%

EchoStar Communications

2,170

1.18%

1,950

1.22%

Centura Health

1,510

0.82%

930

0.58%

Healthone: Sky Ridge Medical

1,360

0.74%

1,110

0.69%

Douglas County Government

1,359

0.74%

1,061

0.66%

VISA Debit Processing Services

1,200

0.65%

Specialized Loan Servicing LLC

840

0.46%

IHS Markit

730

0.40%

Jacobs Engineering (formerly CH2M Hill)

710

0.39%

1,630

1.02%

Western Union

1,090

0.68%

Information Handling Services

730

0.46%

AVAYA

650

0.41%

Liberty Media

620

0.39%

Total for Principal Employers

20,523

11.2%

15,063

9.4%

Total Employment in Douglas County

183,412

160,069

DOUGLAS COUNTY SCHOOL DISTRICT RE. 1

Principal Employers

Current Year and Nine Years Ago

2021

2012

176

2022

2021

2020

Instructional Services

Teacher

2,524

2,624

2,581

Teacher - Special Education

564

576

581

Instructional & Educational Assistants

(2)

245

229

307

Educational Assistants - Special Education

(2)

560

569

607

Preschool

(2)

Outdoor Education

(2)

School Support

Principals & Assistant Principals

173

170

171

Counselors

162

163

167

Student Support - Special Education

134

127

128

Student Support - Specialized Programming

Deans

Professional Learning Specialists

Librarians & Library Specialists/Assistants

(2)

Nurses & Health Assistants

(2)

Office/Administrative Support

(2)

284

288

306

Professional, Technical & Administrators

General Administration

Executive Cabinet

Office/Administrative Support

(2)

Professional, Technical & Administrators

Other Support Staff

(2)

Before and After School Child Care

Preschool & Child Care

(2)

103

111

118

Operations & Maintenance

Office/Administrative Support

(2)

Skilled Trade

(2)

184

205

220

Security Services

(2)

Transportation

(2)

250

257

347

Professional, Technical & Administrators

Nutrition Services

Kitchen & Office Workers

(2)

266

236

270

Total

6,069

6,174

6,477

Note: This listing represents filled positions as of May 1 of each fiscal year.

(1)

For fiscal year 2015 and prior, FTE for classified staff members (hourly workers) was defined as

number of yearly hours worked divided by 2,080 hours.

Last Ten Fiscal Years

DOUGLAS COUNTY SCHOOL DISTRICT RE. 1

Full-time Equivalent (FTE) District Employees by Function/Program

177

Table 15

2019

2018

2017

2016

2015

(1)

2014

2013

2,539

2,551

2,563

2,579

2,608

2,525

2,436

562

545

521

497

471

451

429

291

295

288

343

341

296

567

539

510

441

411

301

286

170

167

153

148

143

134

104

138

136

127

129

128

104

117

313

321

324

296

280

218

212

132

142

147

142

126

130

124

223

228

232

238

236

239

343

360

368

398

381

308

272

265

260

246

240

225

162

149

6,283

6,241

6,165

6,113

5,470

5,226

(2)

These staff members are the classified staff members identified in

(1)

above.

For fiscal years after 2015, the FTE was calculated as weekly hours worked divided by 40 hours.

For example, a classified employee working 20 hours per week is a 0.5 FTE.

178

(1)

Obtained from Colorado Department of Education, includes charter schools

* Information not available

2022

2021

2020

2019

School Enrollment

(1)

63,876

62,979

67,305

67,591

Funded Pupil Count (FPC)

(1)

64,035

63,534

65,405

63,926

Average Student Teacher Ratio

(1)

18.1

18.0

18.9

18.8

Expenses - Total Governmental Funds

931,393,870

845,555,316

862,058,228

785,389,320

Cost per FPC

14,545

13,309

13,180

12,286

Building Square Footage

6,714,527

Free & Reduced Student Count

(

)

7,025

6,812

7,896

8,053

% of Free & Reduced to Total School Enrollment

10.8%

12.0%

11.9%

Graduation Rate

(1)

90.7%

91.2%

91.7%

Dropout Rate

(1)

0.6%

CDE Average Teacher Salary

(1)

58,193

57,919

60,557

59,471

DOUGLAS COUNTY SCHOOL DISTRICT RE. 1

Operating Indicators

Last Ten Fiscal Years

179

Table 16

2018

2017

2016

2015

2014

2013

67,597

67,470

66,896

66,702

66,230

64,657

63,977

63,729

63,572

63,354

62,610

61,199

20.1

20.3

20.8

22.4

21.5

20.8

700,220,460

687,152,635

667,762,744

641,161,383

617,230,379

586,345,389

10,945

10,782

10,504

10,120

9,858

9,581

6,714,527

6,680,458

6,678,758

6,661,633

8,135

7,788

7,954

7,326

8,023

7,321

12.4%

11.9%

12.2%

11.2%

11.5%

11.6%

90.8%

90.4%

90.1%

90.0%

93.0%

92.5%

0.7%

0.6%

0.8%

0.9%

53,080

52,044

51,274

50,165

50,652

50,656

180

Table 17

2022

2021

2020

2019

2018

2017

2016

2015

2014

2013

Schools

Elementary Schools

Middle Schools

High Schools

Charter Schools

Magnet Schools

Alternative Education

Plum Creek - Special Education

Administration

Bus Terminals

Operations & Maintenance

Warehouse

Stadiums

Last Ten Fiscal Years

DOUGLAS COUNTY SCHOOL DISTRICT RE. 1

Capital Asset Statistics by Type

181

COMPLIANCE

SECTION

182

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183